If you're scouting for some new ASX dividend shares to buy, then it could be worth considering the three listed below.
Here's why analysts think these high-yield shares are in the buy zone:
Rio Tinto Ltd (ASX: RIO)
The first ASX dividend share that could be a buy is Rio Tinto.
It is one of the largest miners in the world and the owner of a high-quality portfolio of operations across multiple commodities.
The team at Goldman Sachs is positive on the miner and recently put a buy rating and $138.30 price target on its shares.
As for dividends, the broker is expected fully franked dividends per share of US$4.39 (A$6.62) in FY 2024 and then US$4.61 (A$6.96) in FY 2025. Based on the latest Rio Tinto share price of $119.89, this will mean yields of approximately 5.5% and 5.8%, respectively.
Telstra Corporation Ltd (ASX: TLS)
Goldman Sachs also think that Telstra could be an ASX dividend share to buy right now.
It has a buy rating and $4.55 price target on Telstra's shares.
In respect to income, the broker is forecasting fully franked dividends of 18 cents per share in FY 2024 and 19 cents per share in FY 2025. Based on the current Telstra share price of $3.83, this equates to yields of 4.7% and 5%, respectively.
Universal Store Holdings Ltd (ASX: UNI)
Another ASX dividend share that has been named as a buy is Universal Store.
It is the youth fashion retailer behind the Universal Store, Perfect Stranger, and Thrills brands.
Bell Potter is a fan and currently has an add rating and $5.65 price target on its shares.
As for income, the broker expects fully franked dividends per share of 24 cents in FY 2024 and then 31 cents in FY 2025. Based on the current Universal Store share price of $4.61, this will mean yields of 5.2% and 6.7%, respectively.
