Fortescue Ltd (ASX: FMG) stock has been turbocharged over the past month, rising 16.2% and delivering the best price rise among the top four ASX 200 iron ore shares.
By comparison, Mineral Resources Ltd (ASX: MIN) shares have risen 12.25%. BHP Group Ltd (ASX: BHP) shares have lifted 8.7%. And Rio Tinto Ltd (ASX: RIO) shares are up 8.4% over the past four weeks.
A stronger iron ore commodity price is propelling the big ASX 200 iron ore shares higher. The iron ore price is up 5.2% over the past month to US$142.50 per tonne today.
While rising share prices are great news for investors, they inevitably dampen the dividend yield. This is because the dividend yield is expressed as a percentage of the share price.
As we reported last month, Fortescue was set to pay the highest dividend yield of the major ASX 200 iron ore shares in FY24 at 5.53%.
But that was when Fortescue shares were trading at $25.44 and the iron ore price was $137.61.
Today, the Fortescue share price is $28.49 and the iron ore price is 3.6% higher.
So, the analysts have upgraded their dividend forecasts.
Will Fortescue shares still pay the biggest dividend yield based on the updated numbers?
The answer is yes.
Here are the consensus forecasts published on CommSec today for dividend payments in FY24.
We have calculated the new forecast dividend yields based on the share prices at the time of writing.
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