3 excellent ASX dividend shares to buy now

Analysts say that these shares are in the buy zone right now for income investors.

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There are plenty of ASX dividend shares out there for investors to choose from, but which ones could be in the buy zone right now?

Three that analysts have recently named as buys are listed below. Here's what they are saying about them and the dividend yields they are forecasting in the near term:

Endeavour Group Ltd (ASX: EDV)

Goldman Sachs thinks that Endeavour Group could be a great ASX dividend share to buy. It is the leading company in alcohol retail and the owner of BWS and Dan Murphy's.

The broker likes its market leadership position and the defensive nature of the alcohol retail market.

As for dividends, Goldman is forecasting fully franked dividends of approximately 22 cents per share in both FY 2024 and FY 2025. Based on the current Endeavour share price of $5.08, this will mean dividend yields of 4.3% for both years.

Another positive is that the broker sees plenty of upside for its shares at current levels. It currently has a buy rating and $6.20 price target on them.

Inghams Group Ltd (ASX: ING)

Analysts at Morgans think that Inghams could be an ASX dividend share to buy. It is Australia's leading poultry producer and supplier.

The broker is feeling bullish on the company due to its market leadership position, favourable consumer trends, and valuation. It has described Ingham's shares as "undervalued" at current levels.

Morgans is also expecting some good dividend yields in the near term. It is forecasting fully franked dividends of 22 cents per share in FY 2024 and then 23 cents per share in FY 2025. Based on the current Inghams share price of $3.55, this equates to dividend yields of 6.2% and 6.5%, respectively.

Morgans has an add rating and $4.40 price target on its shares.

Suncorp Group Ltd (ASX: SUN)

Over at Goldman Sachs, its analysts also think that Suncorp could be a top ASX dividend share to buy. It is one of Australia's largest insurance companies.

Goldman believes that Suncorp is well-placed to benefit from tailwinds in the general insurance market.

The broker expects this to support the payment of fully franked dividends per share of 78 cents in FY 2024 and then 83 cents in FY 2025. Based on the current Suncorp share price of $16.51, this will mean dividend yields of 4.7% and 5%, respectively.

Goldman has a buy rating and $17.54 price target on the company's shares.

Motley Fool contributor James Mickleboro has positions in Endeavour Group. 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 no position in any of the stocks mentioned. 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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