If you're looking for dividend shares to buy this month, then you may want to check out the two listed below.
Here's what you need to know about these high yield ASX dividend shares:
Rio Tinto Ltd (ASX: RIO)
The first ASX dividend share for investors to look at is Rio Tinto.
It is of course one of the world's largest mining companies with a collection of world class operations across different commodities and geographies.
Goldman Sachs believes Rio Tinto's shares are a buy. This is due to their "compelling valuation" and the company's "return to production growth in 2023."
Another positive is the big dividends that the broker is forecasting. It expects fully franked dividends per share of US$4.23 in FY 2023 and then US$5.46 in FY 2024. Based on current exchange rates and the latest Rio Tinto share price of $119.55, this will mean yields of 5.35% and 6.9%, respectively.
Goldman Sachs has a buy rating and price target of $131.70 on the miner's shares.
Mineral Resources Ltd (ASX: MIN)
Another high yield ASX dividend share that has been named as a buy is Mineral Resources.
It is a mining and mining services company with exposure to iron ore and lithium across a number of high quality operations.
Bell Potter is a fan of Mineral Resources and thinks the company is well-placed for earnings and dividend growth in the coming years. This is thanks to its business transformation, which the broker believes will underpin "growing production volumes and improving margins."
In respect to dividends, Bell Potter is forecasting fully franked dividends of 388.7 cents per share in FY 2023 and 939.1 cents per share in FY 2024. Based on the current Mineral Resources share price of $80.49, this will mean 4.8% and 11.5% dividend yields, respectively.
Bell Potter has a buy rating and $111.00 price target on its shares.
