Buy Coles and these ASX dividend stocks now

Are you on the lookout for some new income portfolio additions? If you are, it could be worth taking a look at the three ASX dividend stocks named below.

These have all been named as buys by analysts recently. They are as follows:

Coles Group Ltd (ASX: COL)

The first ASX dividend stock for income investors to consider buying this month is Coles.

It is a supermarket operator with over 800 stores across the country. In addition, it has a large liquor network comprising almost 1,000 stores across brands including Liquorland and Vintage Cellars.

Analysts at Morgans have been impressed with the company’s performance in FY 2024, noting that  Coles is outperforming its key rival early in the second half.

The broker expects this strong form to allow the company to pay fully franked dividends of 66 cents per share in FY 2024 and then 69 cents per share in FY 2025. Based on the current Coles share price of $16.94, this will mean yields of 3.9% and 4.1%, respectively.

Morgans has an add rating and $18.70 price target on its shares.

GDI Property Group Ltd (ASX: GDI)

Another ASX dividend stock that could be a buy this month is GDI Property. It is a fully integrated, internally managed property and funds management group.

Bell Potter is tipping the company’s shares as a buy and believes it could offer income investors some huge dividend yields in the near term.

The broker is forecasting dividends per share of 5 cents across FY 2024, FY 2025, and FY 2026. Based on the current GDI Property share price of 61 cents, this implies dividend yields of 8.2%.

Bell Potter also sees plenty of upside for its shares with its buy rating and 75 cents price target.

Woodside Energy Group Ltd (ASX: WDS)

If you’d like to gain exposure to the rebounding oil market, then Woodside could be an ASX dividend stock to buy.

It is one of the world’s largest energy companies with a portfolio of high-quality operations and projects spanning the globe. This includes Pluto LNG, which is one of the world’s most technologically advanced LNG production facilities, and the Shenzi conventional oil and gas field located approximately 195km off the coast of Louisiana in the Green Canyon protraction area, Gulf of Mexico.

Morgans is also feeling very positive about Woodside. Its analysts “see now as a good time to add to positions.”

In respect to income, the broker is forecasting fully franked dividends of $1.36 per share in FY 2024 and $1.12 per share in FY 2025. Based on the current Woodside share price of $30.10, this equates to 4.5% and 3.7% dividend yields, respectively, for investors.

The broker has an add rating and $34.20 price target on its shares.

The post Buy Coles and these ASX dividend stocks now appeared first on The Motley Fool Australia.

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More reading

• How ASX 200 energy stocks could soon enjoy US$100 oil prices
• Better ASX stock: Woodside vs Telstra
• In this bull market, where are the bargain buys to be found?
• 3 things smart investors know about Coles stock
• Have Woolworths and Coles shares been spared a break-up?

Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. 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 Coles Group. 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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