There are plenty of dividend shares out there on the Australian share market. But if you only want the crème de la crème, then you might want to check out the two ASX 50 dividend shares named below.
Here's what analysts are saying about them and what sort of dividend yields you could expect to receive if you bought them today:
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Telstra Group Ltd (ASX: TLS)
The first ASX 50 share for income investors to look at is telco giant, Telstra.
After years of falling earnings and dividend cuts, the company is back on form and has sustainable earnings growth back on the agenda.
A recent note out of Morgans reveals that its analysts are expecting this to underpin 17 cents per share fully franked dividends in FY 2023 and FY 2024. Based on the current Telstra share price of $4.25, this will mean yields of 4% for investors.
Morgans also sees decent upside for the company's shares over the next 12 months with its add rating and $4.70 price target.
Westpac Banking Corp (ASX: WBC)
Another ASX 50 share that has been named as a buy is Westpac. It is of course one of the big four banks and the owner of several banking brands such as Bank SA, Bank of Melbourne, St George, and the eponymous Westpac brand.
According to a note out of Goldman Sachs, its analysts have a conviction buy rating and $27.74 price target of the banking giant's shares. Based on the latest Westpac share price of $22.00, this suggests potential upside of 26% for investors over the next 12 months.
But it gets better. Due to recent weakness, this ASX 50 share is forecast to provide investors with some very big dividend yields.
For example, Goldman Sachs expects fully franked dividends of 147 cents per share in FY 2023 and then 156 cents per share in FY 2024. This equates to yields of 6.7% and 7.1%, respectively.
