If you're wanting to add some high quality ASX dividend shares to your portfolio, then you may want to check out the giants listed below.
Here's why these ASX dividend giants have been named as buys:
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BHP Group Ltd (ASX: BHP)
The first dividend giant to consider buying is mining behemoth BHP.
It has been tipped as a buy by analysts at Morgans, who have an add rating and $47.40 price target on its shares.
The broker likes the miner due to its strong balance sheet and the diversity of its operations across both commodities and geographies. Morgans feels this makes it a "relatively low risk" option in the resources sector.
All in all, its analysts see "BHP as holding an attractive combination of upside sensitivity, balance sheet strength and resilient dividend profile."
Speaking of dividends, the broker expects BHP to pay fully franked dividends per share of $2.95 in FY 2023 and $2.98 in FY 2024. Based on the current BHP share price of $43.94, this will mean yields of 6.7% and 6.8%, respectively.
Westpac Banking Corp (ASX: WBC)
Another ASX dividend giant that has been named as a buy is Westpac.
Australia's oldest bank has been tipped as the top option in the banking sector right now by analysts at Goldman Sachs. They recently reiterated their conviction buy rating with an improved price target of $27.60
The broker likes Westpac due to its positive net interest margin (NIM) trajectory, its cost reduction target, and attractive valuation.
In respect to its margins, Goldman highlights that "management's guidance on its FY23 NIM trajectory was better than we had previously anticipated." This bodes well for its earnings and dividends in the coming years.
In respect to the latter, the broker is forecasting fully franked dividends of 148.4 cents per share in FY 2023 and 160 cents per share in FY 2024. Based on the current Westpac share price of $23.96, this will mean yields of 6.2% and 6.7%, respectively.
