If you are on the lookout for new income portfolio additions, then read on.
That's because listed below are four ASX dividend stocks that analysts believe could be quality picks for investors this month. Here's what they are expecting from them:
Aurizon Holdings Ltd (ASX: AZJ)
Over at Ord Minnett, its analysts think that Aurizon could be an ASX dividend stock to buy.
It is a rail freight operator that transports a range of commodities, including mining, agricultural, industrial and retail products across a network spanning thousands of kilometres.
Ord Minnett expects this network to support 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 $3.66, this will mean dividend yields of 5.1% and 6.7%, respectively.
Ord Minnett has an accumulate rating and $4.70 price target on its shares.
Inghams Group Ltd (ASX: ING)
Analysts at Morgans think that Inghams could be an ASX dividend stock to buy. It is Australia's leading poultry producer and supplier.
It likes the company due to its leadership position and attractive valuation. It also expects some great yields from its shares in the near term. Morgans is forecasting fully franked dividends of 22 cents per share in FY 2024 and FY 2025. Based on the current Inghams share price of $3.62, this will mean dividend yields of 6.1%.
Morgans has an add rating and $4.25 price target on its shares.
Telstra Group Ltd (ASX: TLS)
The team at Goldman Sachs thinks this telco giant could be a top ASX dividend stock to buy right now.
Especially after the company increased its mobile plans. The broker believes its mobile business will underpin low risk earnings and dividend growth in the coming years.
In respect to the latter, Goldman is forecasting fully franked dividends of 18 cents per share in FY 2024 and then 19 cents per share in FY 2025. Based on the current Telstra share price of $3.83, this equates to yields of 4.7% and 5%, respectively.
Goldman has a buy rating and $4.30 price target on Telstra's shares.
Transurban Group (ASX: TCL)
Finally, analysts at Citi think that Transurban could be an ASX dividend stock to buy.
It builds and operates toll roads in Australia and North America. Among its portfolio are CityLink in Melbourne and the Eastern Distributor in Sydney.
Thanks partly to its positive exposure to inflation, the broker is expecting Transurban to be in a position to pay dividends per share of 63.6 cents in FY 2024 and then 65.1 cents in FY 2025. Based on the current Transurban share price of $12.94, this will mean yields of 4.9% and 5%, respectively.
Citi has a buy rating and $15.50 price target on its shares.
