There are a lot of ASX dividend shares to choose from on the local market.
But which ones could be top buys this month? Let's take a look at four that analysts are recommending:
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APA Group (ASX: APA)
The first ASX dividend share that has been tipped as a buy is APA Group. It is an energy infrastructure business that owns and operates a $27 billion portfolio of gas, electricity, solar and wind assets.
Macquarie is bullish on the company and has an outperform rating and $9.40 price target on its shares.
As for dividends, the broker is forecasting dividends of 56 cents per share in FY 2024 and 57.5 cents per share in FY 2025. Based on the current APA Group share price of $8.58, this equates to 6.5% and 6.7% dividend yields, respectively.
Aurizon Holdings Ltd (ASX: AZJ)
Another ASX dividend share that has been given the thumbs up is Aurizon. It transports a range of commodities across its vast rail network to customers across Australia.
Ord Minnett rates the company highly and has an accumulate rating and $4.70 price target on its shares.
In respect to income, the broker is forecasting partially franked dividends of 18.6 cents per share in FY 2024 and then 24.4 cents per share in FY 2025. Based on the current Aurizon share price of $3.77, this will mean dividend yields of 4.9% and 6.5%, respectively.
Coles Group Ltd (ASX: COL)
Analysts at Morgans think that Coles could be an ASX dividend share to buy right now.
The broker currently has an add rating and $18.70 price target on its shares.
As well as decent upside, the broker is forecasting some attractive yields. It expects 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 $16.98, this implies yields of approximately 3.9% and 4%, respectively.
Dexus Convenience Retail REIT (ASX: DXC)
A fourth ASX dividend share that analysts are tipping as a buy is Dexus Convenience Retail REIT. It owns a portfolio of service station and convenience retail assets across Australia.
Morgans is also positive about this one and has an add rating and $3.23 price target on its shares.
As for dividends, the broker is forecasting dividends per share of 21 cents in both FY 2024 and FY 2025. Based on its current share price of $2.68, this implies yields of 7.8%.
