Are you looking to boost your income portfolio with some ASX dividend shares? Then you might want to take a look at the ones listed below.
Here’s why these ASX dividend shares could be in the buy zone:
Accent Group Ltd (ASX: AX1)
This leading leisure footwear retailer could be a top option for income investors.
Thanks to the strong performance of its HYPEDC, The Athlete’s Foot, and Platypus brands, Accent has been growing at a very strong rate over the last 12 months. This has been driven partly by a favourable redirection of consumer spending away from international travel.
Accent recently revealed first half like for like sales growth of 12.3% excluding stores closures. And with its online sales booming, there’s a good chance it will be enjoying wider margins and deliver even stronger profit growth.
One broker that is positive on the company is Citi. It currently has a buy rating and $2.60 price target on its shares and is forecasting an 11 cents per share dividend in FY 2021. Based on the current Accent share price, this represents a fully franked 4.7% dividend yield.
Coles Group Ltd (ASX: COL)
Another ASX dividend share to look at is Coles. It has also been a big winner from a shift in consumer spending and habits. This led to the supermarket giant delivering a strong half year result last week.
And while its cautious outlook spooked investors and led to the Coles share price sinking lower, this appears to have created a buying opportunity.
Analysts at Goldman Sachs have reaffirmed their buy rating but trimmed their price target slightly to $20.70. Based on the current Coles share price, this price target implies potential upside of 26% over the next 12 months excluding dividends. Including the 3.7% dividend yield that Goldman estimates that its shares offer, this increases to approximately 30%.
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Returns As of 15th February 2021
More reading
- ASX retail shares in focus as Aussies spend big in January
- Brokers name 3 ASX shares to buy right now
- The Coles (ASX:COL) share price is down 10% in two days: Time to buy?
- Why Bellevue Gold, Coles, NRW, & Perpetual shares are trading lower today
- Why the Coles (ASX:COL) share price is sinking 6% today
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET. The Motley Fool Australia has recommended Accent Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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