Are you looking for a big income boost for your investment portfolio?
If you are, then read on because listed below are three ASX dividend stocks that analysts rate as buys and are expecting huge dividend yields from in the near term.
Let’s see what they are forecasting for these income options:
Accent Group Ltd (ASX: AX1)
Accent Group could be an ASX dividend stock to buy according to analysts at Bell Potter.
It is a leading footwear focused retailer that operates a large number of retail banners. This includes HypeDC, Platypus, Sneaker Lab, Stylerunner, and The Athlete’s Foot.
At the last count, the company had a network of over 800 stores and almost 10 million contactable customers.
Bell Potter believes these stores and its online businesses will support the payment of fully franked dividends per share of 13 cents in FY 2024 and then 14.6 cents in FY 2025. Based on the latest Accent share price of $2.00, this represents dividend yields of 6.5% and 7.3%, respectively.
The broker has a buy rating and $2.50 price target on its shares.
Deterra Royalties Ltd (ASX: DRR)
Another ASX dividend stock to look at is Deterra Royalties.
While it can be classed as a mining stock, it actually doesn’t do any digging or processing itself. Instead, it gets paid royalties on a collection of mining operations across the country.
The jewel in the crown is the iron ore producing Mining Area C project, which is operated by BHP Group Ltd (ASX: BHP).
Morgan Stanley expects these assets to generate enough free cash flow to underpin the payment of 32.7 cents per share dividends in FY 2024 and then 39 cents per share dividends in FY 2025. Based on the current Deterra Royalties share price of $4.44, this will mean yields of 7.4% and 8.8%, respectively.
Morgan Stanley has an overweight rating and $5.60 price target on its shares
Dexus Convenience Retail REIT (ASX: DXC)
A final ASX dividend stock that could provide investors with a big dividend yield is Dexus Convenience Retail REIT. It owns a portfolio of service stations and convenience retail assets across Australia.
Morgans is a fan of the company and sees plenty of value in its shares at current levels. It is also forecasting dividends per share of 21 cents in both FY 2024 and FY 2025. Based on its current share price of $2.71, this implies yields of 7.9%.
The broker has an add rating and $3.23 price target on its shares.
The post Buy these ASX dividends stocks with 6% to 9% yields appeared first on The Motley Fool Australia.
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More reading
- 7 ASX All Ords shares rocketing higher while the market sinks
- 6 ASX retail shares to buy this month
- Buy these ASX dividend shares with 5% and 7% yields
- 4 top quality ASX dividend shares to buy in June
- This ASX dividend stock is predicted to pay an 8% yield in 2026!
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 recommended Accent 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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