Buy BHP and these ASX dividend stocks

The mining giant is one of four stocks that analysts are tipping as buys.

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Income investors are a lucky bunch. That's because the Australian share market is filled to the brim with ASX dividend stocks offering generous yields.

Four such stocks are listed below. Here's what analysts are expecting from these buy-rated shares over the next couple of years:

Hand of a woman carrying a bag of money, representing the concept of saving money or earning dividends.

Image source: Getty Images

BHP Group Ltd (ASX: BHP)

Mining behemoth BHP could be a great option for income investors according to analysts at Goldman Sachs.

The broker thinks the Big Australian's shares are good value and could provide investors with decent dividend yields in the near term. For example, it is forecasting fully franked dividends of US$1.45 (A$2.19) per share in FY 2024 and then US$1.26 (A$1.90) per share in FY 2025. Based on the current BHP share price of $43.15, this equates to dividend yields of 5.1% and 4.4%, respectively.

Goldman has a buy rating and a $49.20 price target on the miner's shares.

QBE Insurance Group Ltd (ASX: QBE)

Goldman Sachs' analysts also think that this insurance giant could be a top ASX dividend stock for income investors to buy.

The broker is forecasting dividends per share of 62 US cents (A$0.936) in FY 2024 and 63 US cents (A$0.951) in FY 2025. Based on the current QBE share price of $17.36, this equates to dividend yields of 5.4% and 5.5%, respectively.

Goldman has a buy rating and $20.90 price target on its shares.

Super Retail Group Ltd (ASX: SUL)

A third ASX dividend stock that Goldman thinks could be a buy for income investors is Super Retail. It is the owner of BCF, Supercheap Auto, Macpac, and Rebel.

Goldman expects Super Retail to be in a position to pay fully franked dividends per share of 67 cents in FY 2024 and then 73 cents in FY 2025. Based on its current share price of $13.51, this will mean yields of 5% and 5.4%, respectively.

The broker has a buy rating and a $17.80 price target on its shares.

Universal Store Holdings Ltd (ASX: UNI)

A final ASX dividend stock that has been given the thumbs up by analysts is Universal Store. It is the youth fashion retailer behind the Universal Store, Perfect Stranger, and Thrills brands.

Morgans is very positive on the company and expects some nice yields from its shares despite a significant rally in recent months. It is forecasting fully franked dividends per share of 26 cents in FY 2024 and then 29 cents in FY 2025. Based on the current Universal Store share price of $5.35, this will mean attractive yields of 4.85% and 5.4%, respectively.

The broker has an add rating and a $6.50 price target on its shares.

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 has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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