Boost your income with these ASX dividend shares: analysts

If you’re looking to boost your income with some dividend shares, then the two listed below could be worth considering.

Both have been named as buys by analysts and tipped to provide attractive and growing yields. Here’s what they are saying about these dividend shares:

Coles Group Ltd (ASX: COL)

The first ASX dividend share that analysts rate as a buy is Coles.

This supermarket operator has been a strong performer over the last few years thanks to its strong market position and defensive qualities. These have allowed Coles to continue to grow its sales and profits whatever the economy has thrown at it.

Pleasingly, this continued in FY 2022, with Coles recently reporting a 2% increase in sales revenue to $39,369 million and a 4.3% lift in net profit after tax to $1,048 million.

Analysts at Citi don’t expect the company to stop there. Its analysts are expecting further earnings and dividend growth in the coming years. For example, the broker is forecasting fully franked dividends per share of 75 cents in FY 2023 and then 79 cents in FY 2024.

Based on the current Coles share price of $17.56, this will mean yields of 4.3% and 4.5%, respectively, for investors.

Another positive is that Citi sees meaningful upside for its shares over the next 12 months. It currently has a buy rating and $20.10 price target on them.

HomeCo Daily Needs REIT (ASX: HDN)

Another ASX dividend share that analysts have named as a buy is HomeCo Daily Needs. It is a real estate investment trust (REIT) with a focus on convenience-based assets such as neighbourhood retail and retail parks.

Analysts at Morgans are positive on the company. They were pleased with its performance in FY 2022 and believe the company is well-placed for more of the same in the coming years thanks to solid demand for its properties and its development pipeline.

As for dividends, the broker is forecasting dividends of 8.3 cents per share in FY 2023 and 8.7 cents per share in FY 2024. Based on the current HomeCo Daily Needs REIT unit price of $1.28, this will mean yields of 6.5% and 6.8%, respectively.

Morgans also sees decent upside ahead for its shares. Its analysts currently have an add rating and $1.56 price target on them.

The post Boost your income with these ASX dividend shares: analysts appeared first on The Motley Fool Australia.

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• 5 things to watch on the ASX 200 on Friday
• Here are the top 10 ASX 200 shares today
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• Why Coles, Fisher & Paykel, New Hope, and Nitro shares are rising

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 no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended COLESGROUP DEF SET. 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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