Brokers say these ASX dividend stocks are buys

There are plenty of ASX dividend stocks to choose from on the Australian share market.

Three that brokers believe are buys are listed below. Here’s what you need to know about them:

Coles Group Ltd (ASX: COL)

The first ASX dividend stock that could be a buy according to brokers is supermarket giant Coles.

Citi is bullish on Coles and has a buy rating and a $17.50 price target on its shares.

As for dividends, the broker is forecasting fully franked dividends of 64 cents per share in FY 2024 and 70 cents per share in FY 2025. Based on the current Coles share price of $16.09, this will mean dividend yields of 4% and 4.35%, respectively.

Dexus Convenience Retail REIT (ASX: DXC)

Another ASX dividend stock that could be a buy is this convenience focused property company.

Bell Potter is a fan of the company and has a buy rating and $2.85 price target on its shares. It believes the company “offers one of the most attractive risk-adjusted propositions in the sector.”

It also expects some big dividend yields. The broker is forecasting dividends per share of 20.9 cents in FY 2024 and 20.5 cents in FY 2025. Based on its current share price of $2.66 this equates to yields of 7.85% and 7.7%, respectively.

Universal Store Holdings Ltd (ASX: UNI)

Finally, Morgans thinks that this youth fashion retailer could be an ASX dividend stock to buy right now.

The broker currently has an add rating and $4.55 price target on its shares.

As for income, Morgans is forecasting fully franked dividends per share of 26 cents in FY 2024 and 29 cents in FY 2025. Based on the current Universal Store share price of $4.12, this will mean yields of 6.3% and 7%, respectively.

The post Brokers say these ASX dividend stocks are buys appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Morgans says these ASX dividend shares are buys this month
• Got $15,000? How I’d invest for a bulletproof ASX passive-income portfolio
• Buying ASX retail shares? You’ll want to see these numbers
• Get a big income boost from these high-yield ASX dividend stocks
• Can Coles shares go from loser to winner in 2024?

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has positions in Universal Store. 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.

from The Motley Fool Australia https://ift.tt/zvs5Zf8