The ASX is not short of dividend-paying stocks. This makes the local share market a great place for investors to generate passive income.
But which ASX dividend shares could be good options right now if you're on the lookout for a passive income boost?
Two that have recently been rated as buys are named below. Here's what you need to know about them:
BHP Group Ltd (ASX: BHP)
The Big Australian could be an ASX dividend stock to buy according to analysts at Goldman Sachs.
They were pleased with the company's quarterly update last week and continue to forecast attractive dividend yields in the near term.
The broker is expecting fully franked dividends per share of ~US$1.22 in FY 2024 and then US$1.11 in FY 2025. Based on the current BHP share price of $43.36 and the latest exchange rates, this implies yields of 4.45% and 4.1%, respectively.
Goldman has a buy rating and a $46.50 price target on the mining giant's shares.
Universal Store Holdings Ltd (ASX: UNI)
Another ASX dividend stock that could be a buy is Universal Store. It is the youth fashion retailer behind the Perfect Stranger, Thrills, and Universal Store brands.
While the retail sector is in a difficult place right now, the team at Morgans remains very upbeat on Universal Store. Its analysts highlight "UNI's attractive array of medium-term growth prospects is undervalued at a single digit FY25 P/E."
Morgans is also expecting some big dividends in the near term. It has pencilled in fully franked dividends per share of 26 cents in FY 2024 and 29 cents in FY 2025. Based on the current Universal Store of $3.30, this will mean yields of 7.9% and 8.8%, respectively.
Morgans has an add rating and a $4.25 price target on its shares.