Buy Coles and these ASX dividend stocks

Brokers think these shares are in the buy zone right now. But why?

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If you're on the look at for some ASX dividend stocks to buy for your income portfolio, then you may want to check out the three listed below.

Here's what you need to know about these income options:

Coles Group Ltd (ASX: COL)

Analysts at Morgans think Coles could be an ASX dividend stock to buy right now. Its analysts highlight that "the stock is looking more attractive following the recent pullback in the share price."

Another positive with this pullback is that it has made the dividend yield on offer with its shares even more attractive for income investors.

For example, the broker is forecasting fully franked dividends of 66 cents per share in FY 2024 and then 69 cents per share in FY 2025. Based on the current Coles share price of $16.42, this implies dividend yields of 4% and 4.2%, respectively.

Morgans has an add rating and an $18.70 price target on its shares.

Healthco Healthcare and Wellness REIT (ASX: HCW)

Another ASX dividend stock that could be a buy right now is Healthco Healthcare and Wellness REIT.

It is a property company with a focus on health and wellness assets. These include hospitals, aged care, childcare, life sciences, and primary care properties.

Demand for its property has been very strong lately. So much so, that it currently has a 99% occupancy and a weighted average lease expiry of 12 years. This provides great visibility on its future earnings.

Bell Potter is feeling very positive about the company's outlook and is forecasting dividends per share of 8 cents in FY 2024 and 8.3 cents in FY 2025. Based on the current Healthco Healthcare and Wellness REIT unit price of $1.19, this will mean yields of 6.7% and 7%, respectively.

The broker also sees plenty of upside for its shares. It has a buy rating and a $1.70 price target on them.

Suncorp Group Ltd (ASX: SUN)

A third ASX dividend stock for income investors to look at is Suncorp.

It is one of Australia's largest insurance companies. It operates countless brands including AAMI, Apia, Bingle, CIL Insurance, GIO, Shannons, Terri Scheer, and Vero.

The company also has banking operations. However, these are in the process of being sold to ANZ Group Holdings Ltd (ASX: ANZ). Once that completes, Suncorp will be a pure-play insurance provider.

The team at Goldman Sachs is bullish on the company. It believes Suncorp is positioned for growth thanks "in large part the tailwinds that exist in the general insurance market."

The broker expects this to underpin fully franked dividends per share of 78 cents in FY 2024 and 83 cents in FY 2025. Based on the current Suncorp share price of $16.12, this will mean dividend yields of 4.8% and 5.1%, respectively.

The broker has a buy rating and a $17.54 price target on the company'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 Coles 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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