Buy these ASX dividend shares for a passive income: experts

These dividend shares could boost your passive income…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

If you're looking to boost your passive income this year, then you may want to look at the shares listed below.

These ASX shares have been tipped to pay their shareholders very attractive dividends in 2023. Here's what you need to know about them:

Close-up photo of a back jean pocket with Australian dollar bills in it and a hand reaching in to collect the notes

Image source: Getty Images

Accent Group Ltd (ASX: AX1)

The first ASX dividend share that has been named as a buy is Accent.

The footwear and youth apparel retailer could be a top option for investors according to Goldman Sachs.

The broker believes that Accent's numerous retail brands are well-placed in the current environment due their strong market position and exposure to younger consumers. Goldman expects the latter to continue spending as normal in 2023 due to a rise in the minimum wage and lower exposure to rising interest rates.

The broker expects this to lead to fully franked dividends of 10.2 cents per share in FY 2023 and 11.4 cents per share in FY 2024. Based on the current Accent share price of $1.78, this will mean yields of 5.7% and 6.4%, respectively.

Goldman has a buy rating and $2.20 price target on the company's shares.

South32 Ltd (ASX: S32)

Another ASX dividend share that has been named as a buy is South32.

Morgans is very positive on this mining giant, which owns a diverse collection of operations that provide exposure to commodities including aluminium, copper, manganese, and nickel.

Its analysts like South32 due to its "clear exposure to a recovery scenario for China growth" and its portfolio transformation and strong balance sheet. It sees the latter as "supporting potential for further M&A."

As for dividends, Morgans is expecting South32 to pay fully franked dividends per share of 23 cents in FY 2023 and 21.6 cents in FY 2024. Based on the current South32 share price of $4.45, this will mean yields of 5.15% and 4.9%, respectively.

The broker has an add rating and $5.30 price target on South32's shares.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Dividend Investing

Person holding Australian dollar notes, symbolising dividends.
Dividend Investing

2 ASX dividend shares with yields above 10%

These are my top picks for high-yield ASX dividend shares.

Read more »

Man holding fifty Australian Dollar banknotes in his hands, symbolising dividends.
Dividend Investing

2 ASX passive income ideas I'd use to generate $400 a month in 2027

I think these investment ideas are top picks for income.

Read more »

Woman relaxing at home on a chair with hands behind back and feet in the air.
Dividend Investing

My top Australian passive income picks this month

Three very different businesses are offering investors attractive income this year.

Read more »

Happy young woman saving money in a piggy bank.
Dividend Investing

Rotating into dividend shares? 3 of your best options right now with yields as high as 9%

These are some of the highest paying income shares right now.

Read more »

Australian dollar notes in the pocket of a man's jeans, symbolising dividends.
Dividend Investing

3 ASX dividend shares to buy right now

Franked income from three very different businesses.

Read more »

Family of father and children taking selfie while playing in a pool on holidays.
Dividend Investing

4 best ASX dividend ETFs of FY26

Which dividend-focused ASX ETFs delivered the most impressive full-year returns in FY26?

Read more »

Magnifying glass in front of an open newspaper with paper houses.
Dividend Investing

This ASX property fund is forecasting a dividend return of almost 10%

Income investors might find this company interesting.

Read more »

A man wearing a colourful shirt holds an old fashioned phone to his ear with a look of curiosity on his face as though he is pondering the answer to a question.
Dividend Investing

If you invested $10,000 in Telstra shares 10 years ago, here's what you'd have today

The capital went backwards. The income did the work.

Read more »