Buy Rio Tinto and these ASX dividend shares now

There are plenty of ASX dividend shares to choose from on the Australian share market. But which ones could be buys today?

Let’s take a look at three that analysts are feeling bullish on at present. Here’s what you need to know about them:

Accent Group Ltd (ASX: AX1)

Bell Potter thinks that Accent could be an ASX dividend share to buy in March. The broker has a buy rating and $2.50 price target on the footwear retailer’s shares.

As well as decent upside, the broker expects some big dividend yields from its shares.

For example, Bell Potter is forecasting 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.

Rio Tinto Ltd (ASX: RIO)

Over at Goldman Sachs, its analysts believe that mining giant Rio Tinto could be a great option for income investors. The broker currently has a buy rating and $138.30 price target on its shares.

Goldman notes that “Rio is a FCF and production growth story […] with forecast Cu Eq production growth of ~5-6% in 2024 & 2025.”

The broker expects this to support fully franked dividends per share of US$4.39 (A$6.67) in FY 2024 and then US$4.61 (A$7.00) in FY 2025. Based on the latest Rio Tinto share price of $119.19, this will mean yields of 5.6% and 5.9%, respectively.

Suncorp Group Ltd (ASX: SUN)

Finally, Goldman also thinks that Insurance giant Suncorp could be an ASX dividend share to buy.

The broker currently has a buy rating and $16.25 price target on the company’s shares.

As for income, Goldman is forecasting fully franked dividends per share of 77 cents in FY 2024 and 82 cents in FY 2025. Based on the current Suncorp share price of $15.87, this will mean yields of 4.85% and 5.15%, respectively.

The post Buy Rio Tinto and these ASX dividend shares now appeared first on The Motley Fool Australia.

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More reading

• Here’s the iron ore price forecast through to 2027
• Top brokers name 3 ASX shares to buy today
• Why the Accent share price has jumped 5% and more gains are predicted
• How are these passive income investors earning more than an 8% yield on Rio Tinto shares?
• Why Accent, Liontown, PSC Insurance, and Zip shares are charging higher today

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 positions in and has recommended Goldman Sachs Group. 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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