Analysts love Woodside and these ASX dividend stocks

Analysts are bullish on these income stocks. Here's what they are saying.

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There are lots of ASX dividend stocks to choose from on the Australian share market, but which ones could be buys in July?

Three shares that were recently picked out as buys by analysts are listed below. Here's what its analysts are saying about them:

HomeCo Daily Needs REIT (ASX: HDN)

HomeCo Daily Needs could be a top option for income investors. It is a property company with a focus on neighbourhood retail and large format retail assets (retail parks).

Morgans rates HomeCo Daily Needs highly. This is due to the resilience of its cashflows and exposure to accelerating click and collect trends. Together with its development pipeline, the broker feels the company is well-positioned for growth.

Morgans expects this to underpin dividends per share of 8 cents in FY 2024 and then 9 cents in FY 2025. Based on the current HomeCo Daily Needs share price of $1.20, this will mean dividend yields of 6.7% and 7.5%, respectively.

The broker currently has an add rating and $1.37 price target on its shares.

NIB Holdings Limited (ASX: NHF)

Another ASX dividend stock that could be a buy is private health insurer NIB.

Goldman Sachs is positive on the company. It highlights that NIB "offers defensive exposure to the private health insurance sector which is experiencing favourable operating trends."

The broker expects this to support the payment of fully franked dividends per share of 31 cents in FY 2024 and 30 cents in FY 2025. Based on the current NIB share price of $6.88, this would mean 4.5% and 4.3% yields, respectively.

Goldman currently has a buy rating and $8.10 price target on NIB's shares.

Woodside Energy Group Ltd (ASX: WDS)

Finally, Morgans is also positive on Woodside and thinks it could be an ASX dividend stock to buy. Woodside is of course one of the world's largest energy companies with a portfolio of high-quality operations and projects.

The broker thinks that recent share price weakness has made now "a good time to add to positions." Especially given that it believes Woodside "will still generate substantial high-quality earnings for years to come."

Morgans expects this to underpin fully franked dividends of $1.25 per share in FY 2024 and then $1.57 per share in FY 2025. Based on the current Woodside share price of $28.59, this equates to 4.4% and 5.5% dividend yields, respectively, for investors.

The broker has an add rating and $36.00 price target on its shares.

Motley Fool contributor James Mickleboro has positions in Woodside Energy 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 positions in and has recommended NIB Holdings. The Motley Fool Australia has recommended HomeCo Daily Needs REIT. 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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