Buy these ASX 50 dividend shares for an income boost: analysts

The Australian share market is a great place to generate income. This is thanks to the countless number of dividend …

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The Australian share market is a great place to generate income. This is thanks to the countless number of dividend shares that are at your disposal.

But which of these shares could be buys? Well, two top ASX 50 dividend shares that could be quality options for income investors right now are listed below.

Here's what sort of dividend yields analysts are expecting from these shares in the coming years:

Rio Tinto Ltd (ASX: RIO)

The first ASX 50 dividend share for investors to look at is Rio Tinto. It is a British-Australian multinational and the world's second-largest metals and mining corporation behind only BHP Group Ltd (ASX: BHP).

Goldman Sachs sees the company as a top pick right now. So much so, it has the mining giant on its conviction list with a buy rating and a $125.20 price target. The broker is positive on the belief that its shares have a "compelling relative valuation" at present. It also highlights its positive production growth outlook as a reason to be bullish.

In addition, the broker is expecting some attractive fully franked dividend yields in the near term.

Goldman expects dividends per share of US$3.47 (A$5.38) in FY 2023 and then US$4.05 (A$6.28) in FY 2024. Based on the latest Rio Tinto share price of $118.54, this will mean yields of 4.5% and 5.3%, respectively.

Westpac Banking Corp (ASX: WBC)

Another ASX 50 dividend share that has been given the thumbs up is Westpac. It is of course one of Australia's big four banks.

The team at Morgans is positive on the bank and currently has it on its best ideas list. Its analysts believe that Westpac could "deliver attractive returns" if it "can materially improve its business performance." Morgans has an add rating and a $22.58 price target on its shares.

As for dividends, the broker is forecasting fully franked dividends of $1.46 per share in FY 2023 and then $1.47 per share in FY 2024. Based on the current Westpac share price of $21.69, this will mean yields of 6.7% and 6.8%, respectively.

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

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