3 ASX dividend shares to buy with 5%+ yields

Analysts think these income options are top buys this month.

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Looking for some new additions to your income portfolio? If you are, then check out the ASX dividend shares in this article.

They have been named as buys and tipped to offer dividend yields of greater than 5%. Here's what you need to know about them:

Dexus Industria REIT (ASX: DXI)

The team at Morgans thinks income investors should be buying Dexus Industria. It is a property company with a focus on industrial warehouses.

The broker believes "DXI's industrial portfolio remains robust with the outlook positive for rental growth."

Its analysts expect this to support the payment of dividends per share of 16.4 cents in FY 2024 and then 16.6 cents in FY 2025. Based on the current Dexus Industria share price of $2.84, this will mean dividend yields of 5.8% and 5.8%, respectively.

Morgans currently has an add rating and $3.18 price target on its shares.


Another ASX dividend share that has been given the thumbs up by analysts is IPH.

It is a global intellectual property (IP) services company with a network of member firms across 10 IP jurisdictions. Among its clients are Fortune Global 500 companies and other multinationals, public sector research organisations, small businesses, and professional services firms.

Analysts at Goldman Sachs are bullish on the company right now. They like the company due to its "defensive earnings, strong cash flow, M&A optionality and potential MtM FX upside."

As for income, the broker is forecasting fully franked dividends of 34 cents per share in FY 2024 and then 37 cents per share in FY 2025. Based on the current IPH share price of $6.20, this represents yields of 5.5% and 6%, respectively.

Goldman has a buy rating and $8.70 price target on IPH's shares.

Telstra Corporation Ltd (ASX: TLS)

Goldman Sachs also thinks that income investors should be snapping up Telstra's shares this month.

The broker likes the telco giant due to its defensive earnings and positive growth outlook thanks to its mobile business.

Goldman Sachs believes this positions Telstra to pay fully franked dividends of 18 cents per share in FY 2024 and then 18.5 cents per share in FY 2025. Based on the current Telstra share price of $3.61, this equates to yields of 5% and 5.1%, respectively.

The broker also sees plenty of upside for investors from current levels. It has a buy rating and $4.25 price target on its shares.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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 Telstra Group. The Motley Fool Australia has recommended IPH. 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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