Need an income boost? Buy these ASX dividend stocks

Analysts say these dividend shares are buys at current levels.

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The good news for income investors is that there are a large number of dividend-paying ASX stocks to choose from on the Australian share market.

To narrow things down, let's take a look at a couple of ASX dividend stocks that analysts have recently tipped as buys.

Here's what sort of dividend yields you can expect from them:

Coles Group Ltd (ASX: COL)

Analysts at Citi believe that supermarket and liquor store giant Coles could be a great option for income investors.

The broker currently has a buy rating and $17.50 price target on its shares.

Although Citi is expecting a somewhat underwhelming performance in FY 2024, it expects a return to growth in FY 2025. After which, it forecasts even stronger earnings growth in FY 2026.

The broker believes this will underpin fully franked dividends of 64 cents per share in FY 2024, 70 cents per share in FY 2025, and then 79 cents per share in FY 2026. Based on the current Coles share price of $16.00, this will mean yields of 4%, 4.4%, and 4.9%, respectively.

Healthco Healthcare and Wellness REIT (ASX: HCW)

Another ASX dividend stock that analysts think could be in the buy zone is Healthco Healthcare and Wellness REIT.

It is a leading health and wellness-focused real estate investment trust with a high quality, diversified portfolio of assets.

Earlier this week, the company released its half-year results and delivered a 29% increase in funds from operations. It also recorded an occupancy rate of 99% and a 12-year weighted average lease expiry.

Morgans responded positively to the result and retained its add rating with a $1.61 price target.

As for income, the broker continues to forecast dividends per share of 8 cents in both FY 2024 and FY 2025. Based on the current Healthco Healthcare and Wellness REIT unit price of $1.33, this will mean yields of 6% in both years.

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 positions in and has recommended Coles 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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