Are you looking for dividend shares to buy this week?
If you are, you may want to check out the two listed below that have been named as buys by Goldman Sachs.
Here's what you need to know about these ASX dividend shares today:
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Universal Store Holdings Ltd (ASX: UNI)
The first ASX dividend share that has been named as a buy is youth fashion retailer Universal Store.
Thanks to its exposure to younger consumers that are less impacted by the cost of living crisis, it has continued to grow strongly in FY 2023. For example , last week, it released its half-year results and reported a 34.5% increase in sales to $145.7 million and a 43.2% jump in earnings before interest and tax (EBIT) to $28.5 million.
Goldman Sachs was impressed and retained its buy rating with an improved price target of $8.05.
As for dividends, the broker now expects fully franked dividends of 27 cents in FY 2023 and 34 cents in FY 2024. Based on the latest Universal Store share price of $5.38, this equates to yields of 5% and 6.3%, respectively.
Westpac Banking Corp (ASX: WBC)
Another ASX dividend share that has been tipped as a buy is Westpac.
It is of course one of the big four banks and the owner of brands including Westpac, Bank SA, Bank of Melbourne, Rams, and St George.
Goldman Sachs is also very positive on Westpac and believes it is well-placed for earnings and dividend growth. This is thanks to the benefits of rising interest rates and its cost cutting plans.
The broker has a conviction buy rating and $27.74 price target on its shares.
In respect to dividends, the broker is forecasting fully franked dividends per share of 147 cents in FY 2023 and 156 cents in FY 2024. Based on the current Westpac share price of $22.73, this will mean yields of 6.45% and 6.9%, respectively.
