Thankfully for income investors, there are a good number of ASX 200 dividend stocks to choose from on the Australian share market.

To narrow things down, I have picked out two that have been named as buys by brokers recently. Here’s what they are saying about them:

Telstra Group Ltd (ASX: TLS)

The first ASX 200 dividend stock for income investors to look at is telco giant, Telstra.

A recent note out of Morgans reveals that its analysts are very positive on the banking giant. So much so, they have the company on their best ideas list. The broker believes Telstra’s outlook is much-improved and sees opportunities to unlock value through asset sales.

In addition, the broker is forecasting 17 cents per share fully franked dividends in both FY 2023 and FY 2024. Based on the current Telstra share price of $4.32, this will mean yields of 3.9% for investors.

Morgans also sees value in the company’s shares. It currently has an add rating and $4.70 price target on them.

Westpac Banking Corp (ASX: WBC)

Another ASX 200 dividend stock that has been named as a buy is big four bank Westpac.

In response to its half-year results this week, Goldman Sachs has retained its conviction buy rating with a $24.67 price target.

The broker was pleased with the results, noting that “WBC’s 1H23 cash earnings (GS basis ex-notables) from continued operations were up significantly hoh and +8% above GSe.”

And while Westpac has stepped back from its cost cutting targets, the broker still expects costs to be broadly flat in the coming years. This is a big positive in the current inflationary environment.

All in all, the broker expects this to lead to fully franked dividends of 140 cents per share in both FY 2023 and FY 2024. Based on the current Westpac share price of $21.13, this equates to yields of 6.6% in both years.

The post These ASX 200 dividend stocks are highly rated for a reason appeared first on The Motley Fool Australia.

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More reading

• Why Appen, CSR, Silver Lake, and Westpac shares are falling
• Why is the Westpac share price sinking today?
• Top broker says Telstra shares could benefit from 2023 federal budget
• 5 things to watch on the ASX 200 on Thursday
• Top brokers name 3 ASX shares to buy today

Motley Fool contributor James Mickleboro has positions in Westpac Banking. 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 Telstra Group. The Motley Fool Australia has recommended Westpac Banking. 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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