Fortunately for income investors, there are a lot of ASX dividend shares to choose from on the Australian share market.
But which ones could be buys this month? Let's take a look at three that analysts rate as buys. They are as follows:
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Accent Group Ltd (ASX: AX1)
The first ASX dividend share to look at is Accent Group. It is the footwear focused retailer behind store brands such as HypeDC, Platypus, Style Runner, and The Athlete's Foot.
The team at Bell Potter remains very positive on the company. This is due to its market leadership, strategic growth initiatives, and ongoing expansion into apparel. The broker believes these will drive strong earnings growth in the coming years.
This is expected to underpin fully franked dividends of 13.7 cents per share in FY 2025 and then 15.6 cents per share in FY 2026. Based on its latest share price of $1.86, this equates to attractive dividend yields of 7.4% and 8.4%, respectively.
Bell Potter has a buy rating and $2.60 price target on its shares.
Rural Funds Group (ASX: RFF)
Another ASX dividend share that could be a buy in May according to analysts is Rural Funds Group.
It is a diversified agricultural property company that owns a portfolio of high-quality assets across Australia. Among its portfolio are almond orchards, cattle farms, vineyards, and macadamia plantations.
Bell Potter is also very positive on Rural Funds and believes its shares are dirt cheap at current levels. The broker recently highlighted that "the 44% discount to market NAV is well above the historical average 5% premium since listing."
In respect to income, the broker is expecting dividends per share of 11.7 cents in FY 2025 and then 12.2 cents in FY 2026. Based on its current share price of $1.79, this will mean dividend yields of 6.5% and 6.8%, respectively.
Bell Potter has a buy rating and $2.45 price target on its shares.
Woolworths Group Ltd (ASX: WOW)
Finally, Woolworths could be an ASX dividend share to buy according to analysts.
It is Australia's largest retailer, operating the eponymous Woolworths supermarket chain, Big W, and a growing pet care business, among others. A demonstration of its size is that every week it aims to provide the best possible convenience, value, range and quality to the 24 million customers it serves across its network.
Goldman Sachs is a fan of the company and is tipping its shares as a buy. This is due partly to its belief that Woolworths has a "strategic advantage in omni-channel and digital assets."
As for dividends, it is forecasting fully franked dividends of 84 cents per share in FY 2025 and then $1.08 per share in FY 2026. Based on its current share price of $32.54, this will mean dividend yields of 2.6% and 3.3%, respectively.
Goldman Sachs has a buy rating and $36.50 price target on its shares.
