If you are hunting for ASX dividend stocks to buy in August, then check out the three listed below.
They have been named as buys and tipped to provide investors with attractive dividend yields. Here's what you need to know about them:
Deterra Royalties Ltd (ASX: DRR)
The first ASX dividend stock for income investors to look at is Deterra Royalties.
It is a mining royalties company with a portfolio of assets across a number of commodities. The jewel in the crown is the Mining Area C iron ore project which is operated by mining behemoth BHP Group Ltd (ASX: BHP).
UBS thinks that its shares are great value at current levels after they were sold off recently. This was driven by the announcement of a major acquisition and changes to its dividend policy.
And while the latter is expected to lead to a significant dividend cut in FY 2025, UBS is still forecasting a good yield. It has pencilled in dividends per share of 31 cents in FY 2024 and then 16 cents in FY 2025. Based on the current Deterra Royalties share price of $3.99, this will mean yields of 7.8% and 4%, respectively.
UBS has a buy rating and $4.90 price target on its shares.
Endeavour Group Ltd (ASX: EDV)
Another ASX dividend stock that has been tipped as a buy is Endeavour Group. It is the leader in the Australian alcohol retail market thanks to key brands such as Dan Murphy's and BWS. It also owns a large network of pubs.
Goldman Sachs is a fan of the company. It likes Endeavour's market leadership position and the defensive nature of the alcohol retail market.
The broker expects this to support fully franked dividends of 21 cents per share in FY 2024 and then 22 cents per share in FY 2025. Based on the current Endeavour share price of $5.49, this will mean dividend yields of 3.8% and 4%, respectively.
Goldman has a buy rating and $6.50 price target on its shares.
IPH Ltd (ASX: IPH)
Goldman Sachs also thinks that IPH could be a great ASX dividend stock to buy. It is a leading intellectual property solutions company with operations spanning the world.
The broker is bullish on IPH due to its belief that it is "well-placed to deliver consistent and defensive earnings with modest overall organic growth."
Goldman expects this to underpin fully franked dividends per share of 34 cents in FY 2024 and then 37 cents in FY 2025. Based on the current IPH share price of $6.13, this represents yields of 5.5% and 6%, respectively.
Goldman has a buy rating and $8.70 price target on IPH's shares.
