Buy Telstra and these ASX dividend stocks

Analysts think the telco giant and these stocks could be top options for income investors.

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Are you hunting for some new ASX dividend stocks for your income portfolio?

If you are, then you may want to look at the three shares listed below that have been rated as buys by brokers. Here's what you need to know about these picks:

Charter Hall Retail REIT (ASX: CQR)

Analysts at Citi think that Charter Hall Retail REIT could be an ASX dividend stock to buy.

It is a property company with a focus on supermarket anchored neighbourhood and sub-regional shopping centre markets.

The broker believes that the company is well-positioned thanks to its inflation-linked rental increases.

It believes this will support dividends of 28 cents per share in both FY 2024 and FY 2025. Based on the current Charter Hall Retail REIT share price of $3.33, this will mean dividend yields of 8.4%.

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

Telstra Group Ltd (ASX: TLS)

Another ASX dividend stock that could be a top option for income investors is Telstra.

It is of course Australia's largest telecommunications company providing around 22.5 million retail mobile services and 3.4 million retail bundle and data services.

Goldman Sachs is feeling positive about the company. Particularly after it decided to increase its mobile prices recently. The broker believes these increases "highlight: (1) mobile market rationality remains (particularly when combined with the recent Optus increase); (2) TLS mobile earnings growth remains strong, driven by subscribers and ARPU."

Its analysts also expect these increases to support 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 $3.85, this equates to yields of 4.7% and 4.9%, respectively.

Goldman has a buy rating and $4.30 price target on Telstra's shares.

Woolworths Limited (ASX: WOW)

Goldman Sachs also thinks that Woolworths could be an ASX dividend stock to buy. It is Australia's largest retailer, serving 24 million customers each week across its growing network of businesses.

Its analysts are positive about Woolworths' due to its strong market position and loyal customer base. They believe this means Woolworths "has strong ability to drive market share gains via its omni-channel advantage, as well as its ability to pass through any cost inflation to protect its margins, beyond market expectations."

Goldman expects this to support the payment of fully franked dividends per share of $1.07 in FY 2024 and $1.13 in FY 2025. Based on its current share price of $34.21, this equates to dividend yields of 3.1% and 3.3%, respectively.

The broker has a buy rating and $40.20 price target on its shares.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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