Get a second income from these ASX 200 dividend shares

These big name dividend shares could be quality options according to analysts.

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If you're on the lookout for ASX 200 dividend shares to buy for a second income, then you may want to check out the ASX 200 dividend shares listed below.

Both of these shares have recently been named as buys by brokers. Here's what you need to know about them:

Macquarie Group Ltd (ASX: MQG)

The first ASX 200 dividend share that could be a buy is investment bank Macquarie.

Morgans remains positive on the company despite the recent release of an underwhelming half year result. It said:

Overall, we saw this as a soft result that was well below market earnings expectations, although clearly a normalisation in Macquarie Group's operating environment is the key driver here. We lower our MQG FY24F EPS by ~-5%, with slight lifts to other future year earnings.

Morgans has an add rating and a $182.80 price target on its shares.

As for dividends, the broker is now expecting partially franked dividends of $6.71 per share in FY 2024 and $7.01 per share in FY 2024. Based on the current Macquarie share price of $168.44, this will mean yields of 4% and 4.1%, respectively.

Woolworths Limited (ASX: WOW)

Another ASX 200 dividend share that has been given the thumbs up is Woolworths Group. It is of course the retail giant behind the Woolworths supermarkets and Big W brands, among others.

Goldman Sachs is very positive on the company and has named it on its coveted conviction list. Earlier this week, the broker summarised its bullish view. It said:

Lisa Deng forecasts Woolworths will deliver FY23-26E 3-yr group NPAT CAGR of 8.2%, on the back of 1) robust supermarkets growth of ~4% in FY23-26E, 2) further market share gain due to early mover advantage in digitalization and omni-channel execution, and 3) loyalty/retail media further margin opportunities.

Goldman currently has a conviction buy rating and a $42.40 price target on Woolworths shares.

In respect to your second income, the broker is forecasting fully franked dividends per share of $1.49 in FY 2024 and $1.63 in FY 2025. Based on the current Woolworths share price of $35.85, this will mean yields of 4.15% and 4.55%, respectively.

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 positions in and has recommended Goldman Sachs Group and Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. 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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