Fortunately for Australian income investors, there are plenty of ASX dividend stocks to choose from on the local share market.
But which ones could be top options for investors this month?
Let's take a look at five excellent ASX dividend stocks that analysts are tipping as buys. They are as follows:
Endeavour Group Ltd (ASX: EDV)
Goldman Sachs thinks that the owner of BWS and Dan Murphy's could be a top option for income investors right now. The broker currently has a buy rating and $6.20 price target on the drinks giant's shares.
As for income, the broker is forecasting fully franked dividends of approximately 22 cents per share in FY 2024 and FY 2025. Based on the current Endeavour share price of $5.35, this will mean dividend yields of 4.1% for both years.
Rio Tinto Ltd (ASX: RIO)
The team at Goldman Sachs also thinks that this mining giant could be an ASX dividend stock to buy now. It has a buy rating and $140.20 price target on the miner's shares.
In respect to dividends, the broker is forecasting fully franked dividends per share of US$4.38 (A$6.67) in FY 2024 and then US$4.63 (A$7.06) in FY 2025. Based on the latest Rio Tinto share price of $123.06, this will mean yields of approximately 5.4% and 5.7%, respectively.
Rural Funds Group (ASX: RFF)
Over at Bell Potter, its analysts think that this agricultural property company is an ASX dividend stock to buy. The broker currently has a buy rating and $2.40 price target on its shares.
As well as plenty of upside, the broker expects above-average dividend yields from its shares. It is forecasting dividends per share of 11.7 cents in both FY 2024 and FY 2025. Based on the current Rural Funds share price of $2.06, this will mean yields of 5.7% in both years for investors.
Transurban Group (ASX: TCL)
Citi thinks that Transurban could be an ASX 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.
As for income, it is expecting dividends per share of 63 cents in FY 2024 and 65 cents in FY 2025. Based on the current Transurban share price of $13.20, this will mean yields of 4.8% and 4.9%, respectively.
Universal Store Holdings Ltd (ASX: UNI)
Finally, the team at Morgans believes that youth fashion retailer Universal Store could be an ASX dividend stock to buy. It has an add rating and $5.65 price target on its shares.
In respect to income, the broker is forecasting dividends per share of 26 cents in FY 2024 and 29 cents in FY 2025. Based on the current Universal Store share price of $5.32, this will mean yields of 4.9% and 5.5%, respectively.
