4 excellent ASX dividend shares to buy in May

Analysts have put buy ratings on these stocks and are forecasting attractive dividend yields.

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A new month is upon us, so what better time to look at your income portfolio to see if there are any additions you could make?

To help you on your way, let's take a look at four ASX dividend shares that analysts currently rate as buys. They are as follows:

Aurizon Holdings Ltd (ASX: AZJ)

Ord Minnett thinks that Aurizon could be an ASX dividend share to buy. It is Australia's largest rail freight operator, transporting more than 250 million tonnes of Australian commodities each year. The broker has an accumulate rating and a $4.70 price target on its shares.

As for dividends, the broker is forecasting partially franked dividends of 17.8 cents per share in FY 2024 and then 24.3 cents per share in FY 2025. Based on the latest Aurizon share price of $3.87, this will mean dividend yields of 4.6% and 6.3%, respectively.

Rio Tinto Ltd (ASX: RIO)

Over at Goldman Sachs, its analysts think that this mining giant could be an ASX dividend share to buy in May. The broker has a buy rating and a $138.90 price target on the miner's shares.

In respect to income, the broker is forecasting fully franked dividends per share of US$4.29 (A$6.58) in FY 2024 and then US$4.55 (A$6.98) in FY 2025. Based on the latest Rio Tinto share price of $130.85, this will mean yields of approximately 5% and 5.3%, respectively.

Super Retail Group Ltd (ASX: SUL)

Goldman Sachs also thinks that Super Retail could be an ASX dividend share to buy. It is the owner of retail brands BCF, Macpac, Rebel, and Super Cheap Auto. Goldman has a buy rating and $17.80 price target on its shares.

As well as a decent upside, the broker is expecting some good yields from its shares in the near term. It is forecasting fully franked dividends per share of 67 cents in FY 2024 and then 73 cents in FY 2025. Based on the latest Super Retail share price of $14.37, this will mean good yields of 4.65% and 5.1%, respectively.

Universal Store Holdings Ltd (ASX: UNI)

Analysts at Morgans continue to see youth fashion retailer Universal Store as a top option for income investors. The broker has an add rating and a $6.50 price target on its shares.

As for dividends, the broker has pencilled in fully franked dividends per share of 26 cents in FY 2024 and 29 cents in FY 2025. Based on the current Universal Store share price of $5.75, this will mean yields of 4.5% and 5%, respectively.

Motley Fool contributor James Mickleboro has positions in Universal Store. 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 Super Retail Group. The Motley Fool Australia has recommended Aurizon. 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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