2 ASX 300 dividend shares that analysts rate as buys

Here's what analysts are saying about these dividend shares.

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If you're looking for some new income portfolio additions, then take a look at the two listed below that analysts are positive on.

These two ASX 300 dividend shares have attractive forecast yields and even bigger upside potential:

Baby Bunting Group Ltd (ASX: BBN)

The first ASX 300 dividend share that could be a buy is baby products retailer Baby Bunting.

The team at Morgans appears to believe that the company is over the worst of its issues now. So much so, that it recently increased its "NPAT estimates by 17% in FY24 and 7% in FY25 as a result of cost-out initiatives and higher sales assumptions."

As for income, its analysts are now forecasting fully franked dividends per share of 9.9 cents in FY 2024 and then 12.9 cents in FY 2024. Based on the current Baby Bunting share price of $1.63, this will mean yields of 6.1% and 7.9%, respectively.

Morgans has an add rating and a $2.50 price target on its shares.

South32 Ltd (ASX: S32)

Another ASX 300 dividend share that has been named as a buy is South32.

It is one of Australia's largest miners with exposure to a range of commodities including aluminium, copper, manganese, and nickel.

Citi is positive on South32. And while it wasn't blown away with its latest quarterly update, it highlights that this was due to planned maintenance and has reaffirmed its guidance. It said: "Much of the miss was driven by planned maintenance/longwall move and S32 has not amended FY24 production guidance."

As for dividends, the broker is forecasting fully franked dividends per share of 7 cents in FY 2024 and 18 cents in FY 2025. Based on the current South32 share price of $3.07, this will mean yields of 2.3% and 5.8%, respectively.

Citi has a buy rating and a $3.80 price target on the mining giant's shares.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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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