If you're an income investor on the lookout for new investment options, then check out at the ASX dividend stocks listed below.
They have recently been named as buys and tipped to provide great dividend yields. Here's what you need to know:
BHP Group Ltd (ASX: BHP)
The Big Australian could be an ASX dividend stock to buy according to analysts at Morgans.
They were impressed with the company's FY 2023 results and highlighted how it is building out its competitive advantage in a difficult environment. It said:
A solid FY23 result from the big miner, with BHP defending again broad global cost pressures, and further building its competitive advantage. FY23 attributable underlying NPAT of US$13.4bn, in-line with market estimates.
Morgans has an add rating and a $51 price target on the mining giant's shares.
As for dividends, the broker is forecasting fully franked dividends per share of ~$2.65 in FY 2024 and then ~$2.32 in FY 2025. Based on the current BHP share price of $44.85, this implies yields of 5.9% and 5.2%, respectively.
Super Retail Group Ltd (ASX: SUL)
Another ASX dividend stock that is getting the thumbs up right now is Super Retail. It is the retail company behind popular brands BCF, Macpac, Rebel, and Super Cheap Auto.
Goldman Sachs is very positive on the company on the belief that its loyalty program and format upgrades will help it outperform in a difficult consumer environment. It said:
Despite a challenging retail backdrop, we believe that SUL's topline will be more resilient vs discretionary peers due to investment in loyalty and format upgrades. Though a rise in CODB from wage and rental increases should impact margins in FY24, this is as expected. We tweak our FY24/25e sales by ~2% and EBIT by +0% to 3%.
Goldman has a buy rating and a $14.40 price target on its shares.
As for income, the broker is expecting fully franked dividends per share of 62 cents in FY 2024 and then 64 cents in FY 2025. Based on the current Super Retail share price of $12.98, this will mean yields of 4.8% and 4.9%, respectively.
