Coles and these ASX dividend stocks could offer huge returns

If you are looking to make some new additions to your income portfolio, then it could be worth looking at the four ASX dividend stocks listed below.

They have all been named as buys and tipped to provide investors with attractive dividend yields and major upside. Here’s what you need to know about them:

Aurizon Holdings Ltd (ASX: AZJ)

Aurizon could be an ASX dividend stock to buy according to analysts at Ord Minnett. It is Australia’s largest rail freight operator. Each year it transports more than 250 million tonnes of Australian commodities.

The broker currently has an accumulate rating and $4.70 price target on its shares. This implies potential upside of 29% for investors.

As for dividends, the broker is forecasting partially franked dividends of 17.8 cents per share in FY 2024 and then 24.3 cents per share in FY 2025. Based on the latest Aurizon share price of $3.64, this will mean dividend yields of 4.9% and 6.7%, respectively.

Coles Group Ltd (ASX: COL)

Over at Morgans, its analysts think that this supermarket giant would be a top ASX dividend stock to buy now.

The broker has an add rating and $18.95 price target on its shares. This suggests that upside of 10% is possible from current levels.

In respect to income, Morgans is forecasting 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 $17.19, this implies yields of approximately 3.8% and 4%, respectively.

GDI Property Group Ltd (ASX: GDI)

Analysts at Bell Potter have named this property company as an ASX dividend stock to buy.

The broker has a buy rating and 75 cents price target on its shares. This implies potential upside of 29% for investors.

Bell Potter also believes GDI Property is well-positioned to offer some big dividend yields in the coming years. It is forecasting dividends per share of 5 cents in FY 2024, FY 2025, and FY 2026. Based on the current GDI Property share price of 58 cents, this equates to dividend yields of 8.6% each year.

Woodside Energy Group Ltd (ASX: WDS)

A final ASX dividend stock that analysts are bullish on is Woodside Energy. It is of course one of the world’s largest energy producers.

Morgans thinks recently weakness has created a buying opportunity. It has an add rating and $36.00 price target on its shares. This suggests the upside of 27% is possible for investors.

As for income, the broker is forecasting fully franked dividends of $1.25 per share in FY 2024 and then $1.57 per share in FY 2025. Based on its current share price of $28.31, this represents dividend yields of 4.4% and 5.55%, respectively.

The post Coles and these ASX dividend stocks could offer huge returns appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Thursday
• What is the outlook for Woodside shares in FY25?
• 2 ASX penny stocks that pay dividends
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• Buy these ASX dividend shares with ~5% to 8% yields

Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. 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 Australia has recommended Aurizon. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.