Buy Rio Tinto and these ASX dividend shares in July

Analysts think these shares could be buys for income investors this month.

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Fortunately for income investors, there are plenty of ASX dividend shares for them to choose from on the Australian share market.

But which ones could be top options for investors in July?

Let's take a look at four top dividend shares that analysts are tipping as buys. They are as follows:

APA Group (ASX: APA)

APA Group could be an ASX dividend share to buy. It is an energy infrastructure company that owns, manages, and operates a portfolio of gas, electricity, solar and wind assets.

Macquarie sees its shares as a buy. The broker currently has an outperform rating and $9.40 price target on them.

As for dividends, the broker is forecasting dividends per share of 56 cents in FY 2024 and 57.5 cents in FY 2025. Based on the current APA Group share price of $7.99, this equates to 7% and 7.2% dividend yields, respectively.

Charter Hall Retail REIT (ASX: CQR)

Citi thinks that the Charter Hall Retail REIT could be an ASX dividend share to buy. It is a property company focusing on supermarket-anchored neighbourhood and sub-regional shopping centres.

The broker has a buy rating and $4.00 price target on its shares.

Citi expects inflation-linked rental increases to underpin dividends of 28 cents per share in both FY 2024 and FY 2025. Based on the current Charter Hall Retail REIT share price of $3.25, this will mean very large yields of 8.6%.

Rio Tinto Ltd (ASX: RIO)

Analysts at Goldman Sachs think Rio Tinto could be a top option for income investors. It likes the mining giant due to its "compelling relative valuation" and its forecast for "strong production growth in 2024 & 2025."

The broker has a buy rating and $138.90 price target on the miner's shares.

Goldman expects fully franked dividends per share of US$4.29 (A$6.41) in FY 2024 and then US$4.55 (A$6.80) in FY 2025. Based on the latest Rio Tinto share price of $119.00, this will mean yields of approximately 5.4% and 5.7%, respectively.

Universal Store Holdings Ltd (ASX: UNI)

A final ASX dividend share that could be a buy in July is youth fashion retailer Universal Store.

Bell Potter is feeling bullish about the company and recently put a buy rating and $6.15 price target on its shares.

It is forecasting fully franked dividends per share of 24 cents in FY 2024 and then 31 cents in FY 2025. Based on its current share price of $4.97, this will mean yields of 4.8% and 6.2%, respectively.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 and Macquarie Group. The Motley Fool Australia has positions in and has recommended Apa Group and Macquarie 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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