Buy Telstra and these ASX 200 dividend stocks

Analysts are saying good things about these income shares.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

If you're searching for new income options then it could be worth checking out these three ASX 200 dividend stocks listed below.

Here's why they could be in the buy zone right now:

Woman and man calculating a dividend yield.

Image source: Getty Images

Suncorp Group Ltd (ASX: SUN)

According to analysts at Goldman Sachs, this insurance giant could be a top option for income investors.

The broker currently has a buy rating and $15.00 price target on the company's shares.

It likes the company due to "the tailwinds that exist in the general insurance market." This includes "very strong renewal premium rate increases and the benefit of higher investment yields."

As for income, the broker is forecasting fully franked dividends per share of 75 cents in FY 2024, 82 cents in FY 2025, and 85 cents in FY 2026. Based on the current Suncorp share price of $14.43, this will mean yields of 5.2%, 5.7%, and 5.9%, respectively.

Telstra Corporation Ltd (ASX: TLS)

Goldman Sachs also thinks that telco giant Telstra could be an ASX 200 dividend stock to buy.

Its analysts currently have a buy rating and $4.55 price target on the company's shares.

Goldman remains positive on Telstra following the release of its half-year results this month. It continues to believe "the low risk earnings (and dividend) growth that Telstra is delivering across FY22-25, underpinned through its mobile business, is attractive."

It expects this to lead to Telstra paying fully franked dividends of 18 cents per share in FY 2024, 19 cents per share in FY 2025, and then 20 cents per share in FY 2026. Based on the current Telstra share price of $3.90, this equates to yields of 4.6%, 4.9%, and 5.1%, respectively.

Transurban Group (ASX: TCL)

Finally, the team at Citi thinks that Transurban could be an ASX 200 dividend stock to buy. It is a leading toll road developer and operator.

The broker has a buy rating and $15.60 price target on its shares.

Citi was pleased with the company's half-year results and continues to believe that Transurban's dividend guidance is "conservative" in FY 2024.

As a result, it is expecting a dividend ahead of guidance this year. It has pencilled in dividends per share of 63 cents in FY 2024, 65 cents in FY 2025, and 68 cents in FY 2026. Based on the current Transurban share price of $13.17, this will mean yields of 4.8%, 4.9%, and 5.15%, respectively.

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 positions in and has recommended Goldman Sachs Group and Transurban Group. The Motley Fool Australia has positions in and has recommended Telstra Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Dividend Investing

A man closely watches a clock.
Dividend Investing

15 ASX shares going ex-dividend before EOFY

Champion Iron, Select Harvests, and Tower are among the ASX shares with ex-dividend dates in June.

Read more »

A bemused woman holds two presents of different sizes and colours and tries to make a choice.
Dividend Investing

Forget BHP shares! Buy these ASX dividend shares instead for passive income

I’d much prefer to buy these stocks rather than BHP for dividends.

Read more »

Animation of a man measuring a percentage sign, symbolising rising interest rates.
Dividend Investing

Forget term deposits and buy these ASX dividend shares in June

Let's see why these shares could be top options for income investors.

Read more »

Man putting in a coin in a coin jar with piles of coins next to it.
Dividend Investing

3 ASX dividend shares to block out the noise and lock in a yield as high as 11%

These three options could bring healthy passive income.

Read more »

Coal miner holding a giant coal rock in his hand and making a circle with his other hand.
Dividend Investing

Buying Fortescue shares today? Here's the dividend yield you'll get

Is Fortescue's big yield for real?

Read more »

Woman relaxing at home on a chair with hands behind back and feet in the air.
Dividend Investing

Should I buy CBA shares for their 'reliable' passive income?

CBA shares have outpaced the ASX 200 in 2026 and paid a fully-franked dividend.

Read more »

RIO BHP Profit upgrade A business man open his shirt to reveal a superhero style $ on his chest, indicating a strong ASX share price
Dividend Investing

2 strong ASX dividend shares with big yields to buy in June

These shares are rated as buys by analysts and tipped to offer big yields.

Read more »

Man holding out $50 and $100 notes in his hands, symbolising ex dividend.
Dividend Investing

1 ASX dividend stock down 28% I'd buy right now

This business is significantly undervalued, in my opinion.

Read more »