Income investors have a lot of options on the Australian share market.
This can make it hard to decide which ASX dividend shares to buy above others.
But never fear, listed below are four options that are highly rated by brokers. They are as follows:
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Coles Group Ltd (ASX: COL)
The first ASX dividend share that could be a buy is supermarket giant Coles.
That's the view of analysts at Morgans, which have an add rating and $18.70 price target on its shares.
As for dividends, the broker is forecasting fully franked dividends of 66 cents per share in FY 2024 and 69 cents per share in FY 2025. Based on the current Coles share price of $16.11, this implies dividend yields of approximately 4.1% and 4.3%, respectively.
Dexus Convenience Retail REIT (ASX: DXC)
Another ASX dividend share that analysts are positive on is Dexus Convenience Retail REIT. It owns a portfolio of service station and convenience retail assets across Australia.
Morgans is also feeling positive about this company. It has an add rating and $3.23 price target on its shares.
As for income, the broker is expecting its shares to provide income investors with some very big yields in the coming years. It has pencilled in dividends per share of 21 cents in both FY 2024 and FY 2025. Based on its current share price of $2.67, this implies yields of 7.9%.
Rural Funds Group (ASX: RFF)
Another ASX dividend share that has been given the thumbs up by analysts is Rural Funds. It is an agricultural property company that owns a portfolio of assets across several categories. This includes orchards, vineyards, cattle, and poultry.
The team at Bell Potter thinks income investors should be buying its shares. The broker has a buy rating and $2.40 price target on them.
In respect to income, the broker 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 $2.02, this will mean yields of 5.8% for income investors across both financial years.
Super Retail Group Ltd (ASX: SUL)
A fourth and final ASX dividend share that could be a buy according to analysts is Super Retail. It is the owner of retail brands BCF, Macpac, Rebel, and Super Cheap Auto.
Goldman Sachs rates the company as a buy and has a $17.80 price target on its shares.
As well as plenty of upside, Goldman is expecting the retailer to offer attractive dividend yields. 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 $12.74, this will mean good yields of 5.25% and 5.7%, respectively.
