2 ASX 50 dividend stocks to buy now

These dividend stocks from the exclusive ASX 50 index have been named as buys by Goldman Sachs.

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There are plenty of ASX dividend stocks you can choose from on the Australian share market.

But two from the exclusive ASX 50 index that are highly rated by analysts at Goldman Sachs are listed below. Here's what the broker is saying about them:

Suncorp Group Ltd (ASX: SUN)

Goldman Sachs is continues to feel positive about insurance giant Suncorp and sees it as an ASX 50 dividend stock to buy right now.

The broker believes that Suncorp is well-positioned for growth thanks "in large part the tailwinds that exist in the general insurance market." This includes "very strong renewal premium rate increases and the benefit of higher investment yields."

Goldman expects this to support the payment of fully franked dividends per share of 77 cents in FY 2024 and 82 cents in FY 2025. Based on the current Suncorp share price of $16.11, this will mean dividend yields of 4.8% and 5.1%, respectively.

Its analysts have a buy rating and $16.25 price target on the company's shares.

Telstra Corporation Ltd (ASX: TLS)

The broker also thinks that telco giant Telstra could be an ASX 50 dividend stock to buy.

Goldman rates the company highly due to "the low risk earnings (and dividend) growth that Telstra is delivering across FY22-25, underpinned through its mobile business."

It is expecting 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 $3.78, this equates to yields of 4.75%, 5%, and 5.3%, respectively.

Goldman has a buy rating and $4.55 price target on Telstra's shares.

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. 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.

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