The Macquarie Group Ltd (ASX: MQG) share price is trading lower in morning trade after going ex-dividend.
Eligible shareholders of the investment bank can now look forward to being paid its $1.80 per share partially franked final dividend on July 3.
In the meantime, now might be a good time to think about where to reinvest these dividends if you’re not planning to use the funds as income.
Three top shares that I would reinvest the dividends into are as follows:
BetaShares NASDAQ 100 ETF (ASX: NDQ)
The first option to consider investing your dividends into is the BetaShares NASDAQ 100 ETF. As its name implies, this exchange traded fund provides investors with exposure the 100 largest non-financial shares on the Nasdaq index. The majority of these companies are household names such as Amazon, Apple, Microsoft, Netflix, Starbucks, and Zoom. As a whole, I think these 100 companies have the potential to grow at a quicker rate than the rest of the economy over the next decade. This could lead to the BetaShares NASDAQ 100 ETF providing investors with strong returns for many years to come.
Dicker Data Ltd (ASX: DDR)
If you’re looking for even more dividends then you might want to take a look at Dicker Data. It is a leading wholesale distributor of computer hardware and software. The company has been a real standout performer over the last few years and has been growing both its earnings and dividends at a strong rate. This has continued to be the case in 2020 despite the crisis, with management recently revealing plans to lift its full year dividend by 31% to 35.5 cents per share in FY 2020. This represents a 5.1% fully franked dividend yield.
ResMed Inc. (ASX: RMD)
A final share to consider buying is ResMed. I think it is one of the best options in the healthcare sector and a great place to invest your Macquarie dividends. ResMed is a sleep treatment focused medical device company which looks well-placed for long term growth due to the proliferation of obstructive sleep apnoea (OSA). It estimates that just 20% of OSA sufferers have been diagnosed at this point. Due to the quality of its products and software, I expect ResMed to capture a greater slice of this growing market over the next decade. This should underpin strong earnings growth for years to come.
And here are some dirt cheap shares which could rebound strongly in the coming months. They could be great options if you have some funds leftover.
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Returns as of 7/4/2020
More reading
- ASX 200 Weekly Wrap: Gold miners help edge ASX ever higher
- 5 things to watch on the ASX 200 on Monday
- 3 top ASX dividend shares to buy next week
- 3 ASX healthcare shares to buy for strong long-term growth
- 2 quality ASX dividend shares for retirement income
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended BETANASDAQ ETF UNITS, Dicker Data Limited, and Macquarie Group Limited. The Motley Fool Australia has recommended ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post I would reinvest my Macquarie dividends in these top ASX shares appeared first on Motley Fool Australia.
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