3 ASX dividend favourites are hitting 52-week highs today. Are investors getting defensive?

It has been a positive session for a few of the ASX’s best-known dividend shares on Friday.

Woolworths Group Ltd (ASX: WOW), Coles Group Ltd (ASX: COL), and Washington H. Soul Pattinson and Company Ltd (ASX: SOL) are all pushing higher in afternoon trade.

They are often viewed as defensive or income-focused ASX shares because of their reliable earnings, dividends, and long track records.

At the time of writing, the Woolworths share price is up 0.24% to $40.03 after hitting a 52-week high of $40.10.

Coles shares are up 1.06% to $24.31 after trading as high as $24.35.

Meanwhile, Soul Patts shares are up 0.13% to $45.09 after reaching a yearly high of $45.60.

Here’s what is putting these 3 ASX 200 shares in focus today.

Woolworths shares just keep climbing

Woolworths shares are back near their best levels of the past year.

That’s a strong result for a business that was under pressure not that long ago from weaker margins, cost pressures, and a softer share price.

However, the market now appears more comfortable with the supermarket giant’s reset.

And while Woolworths still faces a competitive grocery market, investors appear to be taking a more positive view of its trading outlook.

Coles reaches fresh highs

Coles is also trading higher today and has pushed to a fresh 52-week high.

That comes after a solid run for the supermarket operator, which continues to appeal to investors looking for steadier earnings.

Coles also offers a 3% dividend yield, compared to Woolworths’ 2.24% yield.

That may help explain why some investors still prefer Coles, especially if they are looking for a more predictable income stream.

Soul Patts offers something different

Soul Patts is also edging higher today after reaching a fresh 52-week high.

Unlike Woolworths and Coles, this is not a supermarket business. It is an investment house with exposure across listed shares, private companies, property, credit, and other assets.

That gives investors a different type of defensive exposure.

The company is closely watched for its dividend record, which has made it a popular name with long-term income investors.

But with the stock now trading near the top of its 52-week range, investors are clearly paying up for that stability.

Are investors getting defensive?

Today’s moves suggest defensive and income-focused shares are still finding support.

Woolworths and Coles both benefit from everyday customer demand, while Soul Patts gives investors a diversified portfolio.

But that doesn’t mean these stocks are cheap.

All 3 are trading at 52-week highs, which means a lot of the good news is already reflected in their share prices.

The post 3 ASX dividend favourites are hitting 52-week highs today. Are investors getting defensive? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has positions in and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.