Many of Australia's largest companies are members of the S&P/ASX 200 Index (ASX: XJO) index. Some of these blue-chip shares have large dividend yields right now.
Here are three ASX 200 shares with yields north of 8% that I would consider buying for my portfolio if I had spare money to invest and wanted to beat inflation.
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Harvey Norman Holdings Limited (ASX: HVN)
The first high-yielding ASX 200 share to consider is Harvey Norman. Due to concerns over rising living costs and the housing market downturn, this retail giant's shares have taken a tumble in 2022 and are down 17% year to date.
While this is disappointing, it has made the dividend yield on offer with its shares very attractive now. According to a note from Goldman Sachs, its analysts expect a fully franked 37.6 cents per share dividend in FY 2023. This represents an 8.9% dividend yield.
Goldman also sees a decent upside for its shares with its buy rating and $4.80 price target. It highlights that Harvey Norman's exposure to older consumers and regional markets gives it some protection from online competition.
New Hope Corporation Limited (ASX: NHC)
With coal prices continuing to trade at sky-high levels, this ASX 200 coal miner could be a great option for income investors right now.
You only need to look at its first quarter update from this week to see just how much the company is benefiting from these high prices. For the three months, New Hope reported a 167% increase in underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) to $648.1 million. For reference, it reported EBITDA of $293.1 million for the whole of FY 2021.
And while coal prices will inevitably come back down to earth and put pressure on its dividend payments, New Hope remains confident that this is still some way off. At its annual general meeting, the company's CEO, Robert Bishop, stated: "Looking ahead, we expect that coal prices will remain well above historical averages, as uncertainty remains about security of global energy supply."
A note out of Morgans reveals that its analysts believe New Hope is on course to pay a $1.20 per share fully franked dividend in FY 2023. This equates to a massive 22% yield for investors. The broker has an add rating and $7.00 price target on its shares.
For the same reasons, I would consider rival coal miner Whitehaven Coal Ltd (ASX: WHC), which Morgans is forecasting to pay a fully franked $1.20 per share dividend in FY 2023. This represents a 14.5% dividend yield at current prices. Morgans has an add rating and $11.50 price target on its shares.
