If there’s one thing I’ve always loved about investing in ASX dividend shares, it’s the quality of franked dividend income that some of its biggest names can deliver for investors. Thanks perhaps to our unique system of franking, most blue chip ASX shares pay out hefty dividends on a relatively consistent basis.
Right now, there are a few recognisable names are sitting on dividend yields well north of 3%. Let’s take a look at three of them to kick off the week’s trading.
Three ASX dividend shares offering yield over 3% today
Telstra Group Ltd (ASX: TLS)
Telstra is a stock that will inevitably come up in most dividend discussions on the ASX. This company is bound to come up in any serious conversation about ASX income investing. Australia’s dominant telco has long enjoyed a wide economic moat, built on its vast and formidable network infrastructure that underpins both mobile and fixed-line services. That structural advantage has translated into decades of relatively dependable dividends for shareholders.
At the time of writing, Telstra shares were trading at $5.29, putting the stock on a trailing dividend yield of 3.78%. The telco has lifted its annual dividend every year since 2021, which speaks to the underlying resilience of the business. There is one wrinkle worth noting though. Telstra’s most recent interim dividend came only partially franked at 90.5%, ending a near-30-year streak of full franking credits. Whether that becomes the new normal is something to watch carefully.
Coles Group Ltd (ASX: COL)
Our next ASX dividend share worth checking out is Coles Group. Coles is a business that sells Australians the food and everyday essentials they need, regardless of what the economy is doing. Recessions come and go. Interest rates rise and fall. But Australians will always need groceries, and Coles’ vast national supermarket network ensures it captures a substantial share of those dollars year in, year out. This inherent defensiveness makes Coles a strong contender for a dividend income portfolio.
The company recently reported earnings growth of more than 10% for its latest half, which is a reassuring sign that the dividend is well-supported. At the time of writing, Coles shares are trading at $21.62 apiece. That gives this grocer a trailing fully-franked yield of 3.38%.
BHP Group Ltd (ASX: BHP)
Last but certainly not least, we have BHP. At the time of writing, BHP shares are trading at $46.84. At this pricing, the ‘Big Australian’ is sitting on a trailing yield of 4.18%. Now, BHP is a different beast to Telstra and Coles when it comes to dividends. BHP’s payouts are tied to commodity prices, particularly iron ore and copper. Those prices can swing dramatically from month to month.
But for investors who understand and accept that cyclicality, BHP offers something genuinely compelling. The scale, the balance sheet strength, and the long-term commodity tailwinds around copper amid the global energy transition all give me confidence that BHP can keep the income flowing for years to come. It’s not a set-and-forget ASX dividend share in the same way as Coles or Telstra. However, at this 4%-plus yield, BHP is arguably hard to look past.
The post 3 ASX dividend shares with yields over 3% today appeared first on The Motley Fool Australia.
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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. 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 Telstra Group. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.