Buy these ASX dividend stocks for passive income

If you’re looking for a passive income boost, then it could be worth checking out the ASX dividend stocks listed below.

All four have recently been named as buys and tipped to provide investors with attractive dividend yields in the near term.

Here’s what you need to know about these income options:

ANZ Group Holdings Ltd (ASX: ANZ)

Ord Minnett thinks that ANZ Bank could be an ASX dividend stock to buy if you don’t already have meaningful exposure to the banking sector. The broker has a buy rating and $31.00 price target on ANZ Bank’s shares.

As for dividends, Ord Minnett is forecasting dividends per share of $1.62 in FY 2024 and $1.65 per share in FY 2025. Based on the current ANZ share price of $28.96, this will mean dividend yields of 5.6% and 5.7%, respectively.

Coles Group Ltd (ASX: COL)

Over at Morgans, its analysts think that income investors should buy this supermarket giant’s shares. The broker currently has an add rating and $18.70 price target on its shares.

In respect to income, it is expecting Coles to pay fully franked dividends of 66 cents per share in FY 2024 and 69 cents per share in FY 2025. Based on the current Coles share price of $16.34, this implies yields of approximately 4% and 4.2%, respectively.

Dexus Convenience Retail REIT (ASX: DXC)

Another ASX dividend stock that could be a buy is Dexus Convenience Retail REIT. It owns a portfolio of service station and convenience retail assets located across Australia and concentrated on the eastern seaboard.

Morgans is positive on the company and recently put an add rating and $3.23 price target on its shares.

As for dividends, the broker is expecting its shares to provide income investors with some very big yields in the coming years. It has pencilled in 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 7.7%.

Transurban Group (ASX: TCL)

Finally, the team at Citi believes that Transurban could be a top ASX dividend stock to buy right now. The broker has a buy rating and $15.60 price target on the leading toll road developer and operator’s shares.

As for income, its analysts are expecting dividends per share of 63 cents in FY 2024 and 65 cents in FY 2025. Based on the current Transurban share price of $13.38, this will mean yields of 4.7% and 4.85%, respectively.

The post Buy these ASX dividend stocks for passive income appeared first on The Motley Fool Australia.

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More reading

• Do the dividends from ANZ shares still come fully franked?
• Are Coles or Fortescue shares a better buy for dividend income?
• 3 ASX dividend shares everyone should own for the long haul
• 4 ASX 200 blue chip shares to buy now
• How to earn $3,000 in passive income with less than $3,000 in savings

Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 Transurban Group. 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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