The ASX’s All Ordinaries Index (ASX: XAO) had a pretty dreary day of trading to kick the week off. This Monday saw the All Ords close at 7,773.2 points, up a miserly 0.015% after giving up a strong initial gain this morning and spending some time in the red this afternoon. But that did nothing to dent the performance of the Zimplats Holdings Ltd (ASX: ZIM) share price.

Zimplats shares have closed at $33.93 today, up a healthy 9.91%. Not only that, but Zimplats also hit an intra-day high of $34.45 a share. That price happens to be a new all-time high for Zimplats. 

So why did this ASX resources share rocket to a new record high today? 

What’s pushing the Zimplats share price to record highs?

Well, we can’t be completely sure. There was nothing new out of the company itself today that might easily explain this move.

However, there has been some news in the resources space that might be getting investors hot under the collar.

According to a report in the Australian Financial Review (AFR) today, the global price of palladium has had some strong appreciation over the past few days. This comes as two Russian palladium refiners were suspended from the London market last week. 

Russia reportedly produces around 40% of the world’s freshly mined palladium. Palladium is a platinum-group precious metal that is predominantly used in catalytic converters for road vehicles. Its price has soared over 2022 thanks in most part to supply issues stemming from the war in Ukraine and global sanctions against Russia. 

So why is this relevant to Zimplats? Well, the company is a major producer of platinum-group metals through its Zimbabwe Platinum Mines subsidiary, including platinum itself as well as palladium. According to Bloomberg, palladium prices have risen from US$2,200 per ounce on 6 April to today’s pricing of US$2,512. 

So it’s perhaps no wonder that investors have sent Zimplas shares up so enthusiastically today.

At the last Zimplats share price, this ASX resources share had a market capitalisation of $3.32 billion.

The post Here’s why this ASX All Ordinaries mining share is leaping 8% to a new all-time high appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• Here are the top 10 ASX shares today
• 3 ASX All Ordinaries shares rocking new all-time highs today

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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Today, the S&P/ASX 200 Index (ASX: XJO) barely held onto a green finish after reversing from its early morning gains. At the end of the session, the benchmark index finished 0.1% higher at 7,485.2 points.

Investors favoured consumer staples and banks during this week’s first trading session. The day was headlined by several takeover bids, setting the market into motion upon the ringing of the morning bell. However, as US futures soured heading into lunch, so to did sentiment locally.

The biggest pinch across the benchmark index was felt in tech and consumer discretionary shares. Meanwhile, gold miners glistened amid gaining selling pressure throughout the afternoon.

However, the question is: which shares delivered the biggest returns to investors on the ASX today? Here are the top ten stocks that came through for investors:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Zimplats Holdings Ltd (ASX: ZIM) was the biggest gainer today. Shares in the platinum group metals miner received another 10.14% boost, adding to its 6.45% gain on Friday. Find out more about Zimplats Holdings here.

The next biggest gaining ASX share today was lithium developer, Lake Resources N.L. (ASX: LKE). The company pushed upwards today following news it had secured an offtake agreement with the Ford Motor Company (NYSE: F). Uncover the latest Lake Resources details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
Zimplats Holdings Ltd (ASX: ZIM)	$34.00	10.14%
Lake Resources NL (ASX: LKE)	$1.99	6.99%
APM Human Services International Ltd (ASX: APM)	$3.36	5.99%
Perseus Mining Ltd (ASX: PRU)	$1.87	4.76%
Northern Star Resources Ltd (ASX: NST)	$10.67	3.90%
Iress Ltd (ASX: IRE)	$11.60	3.20%
Nufarm Ltd (ASX: NUF)	$6.60	3.13%
IGO Ltd (ASX: IGO)	$14.00	2.34%
Incitec Pivot Ltd (ASX: IPL)	$3.98	2.31%
Metcash Ltd (ASX: MTS)	$4.62	2.21%

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check-in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

More reading

• Here’s why this ASX All Ordinaries mining share is leaping 8% to a new all-time high
• Here are the 3 most heavily traded ASX 200 shares on Monday
• Here are the best and worst performing ASX sectors of the quarter
• Why is the Macquarie share price underperforming today?
• The Endeavour share price has notched up 4 all-time highs in a week. What’s happening?

Motley Fool contributor Mitchell Lawler 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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The PointsBet Holdings Ltd (ASX: PBH) share price ended the day in the red despite an upbeat company update.

At today’s closing bell, the sports betting company’s shares finished 2.15% lower to $3.18.

This comes after the company announced an update in regards to its wholly-owned subsidiary, PointsBet Canada Operations 1 Inc (PointsBet).

PointsBet wins new multi-year partnership

Investors appear to be unfazed by the company’s latest positive announcement, sending PointsBet shares into negative territory.

In a statement to the ASX, PointsBet advised that its wholly-owned subsidiary, PointsBet Canada has entered into a new multi-year agreement with Maple Leaf Sports & Entertainment (MLSE).

As such, PointsBet will become an official sports betting partner of MLSE’s professional teams across 5 different sports. This includes the Toronto Maple Leafs (NHL), Toronto Marlies (AHL), Toronto Raptors (NBA), Toronto Argonauts (CFL), and Toronto FC (MLS).

Earlier this month, PointsBet Canada launched its proprietary iGaming and sportsbook operations in Ontario, Canada.

The company took its first online bet within 50 seconds of being on the state’s regulated market.

Management noted that its continued iGaming growth is based on ease of use, accessibility, and the number of in-play betting options.

PointsBet Canada CEO, Scott Vanderwel touched on the partnership news, saying:

You rarely get the opportunity to partner with an organization that spans across all four professional leagues through the Toronto Maple Leafs and Toronto Raptors, Toronto FC and the Toronto Argonauts, and offers year- round entertainment within the sports market in Canada.

We are thrilled to be partnering with MLSE on this innovative and exciting relationship.

In addition, senior vice president of Global Partnerships, MLSE, Jordan Vader added:

We happily welcome PointsBet Canada as a partner of the Maple Leafs, Raptors, TFC and Argos as they enter the Ontario market with a well-established reputation in the sports betting industry.

We look forward to utilizing our partnership to provide 19+ fans of our teams with new and different ways of interacting and engaging with the sports they love with a trusted operator in PointsBet that prioritizes responsible gaming.

PointsBet share price summary

Adding to today’s losses, the PointsBet share price has tumbled by more than 75% over the last 12 months.

These beatings have mostly come in 2022 following market concerns about the company’s valuation and high marketing costs. When looking at year to date, PointsBet shares are roughly down by 55%.

Based on valuation grounds, the company commands a market capitalisation of approximately $834.33 million.

The post PointsBet share price sinks despite positive news appeared first on The Motley Fool Australia.

More reading

• These were the worst performers on the ASX 200 last week
• Game on: Why the PointsBet (ASX:PBH) share price is zipping higher today
• These were the worst performing ASX 200 shares during the first quarter
• ‘Compelling valuation’: Broker tips PointsBet (ASX:PBH) share price to rise 80%

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The QBE Insurance Group (ASX: QBE) share price has soared 21% in a year, but could it do even better?

QBE shares finished at $11.84 on Tuesday, a 1.81% gain. In comparison, the S&P/ASX 200 Index (ASX: XJO) climbed just 0.1%.

Let’s check the outlook for the QBE share price.

Significant upside

The QBE share price plummeted 20% between market close on 17 February and 7 March. However, since this date, the company’s share price has rocketed by more than 17%.

And the team at Morgans has recently recommended QBE as an “add”, placing a $13.50 price target on the share. That’s 14% more than the current share price.

Morgans is positive on the company’s price-to-earnings (P/E) ratio. Commenting on the outlook for QBE, Morgans said:

With strong rate increases still flowing through QBE’s insurance book and further cost-out benefits to come, we expect QBE’s earnings profile to improve strongly over the next few years.

The stock also has a robust balance sheet and remains relatively inexpensive overall trading on ~14x FY22F PE.

QBE reported an adjusted net profit after tax (NPAT) of $805 million in its FY21 results, released in February. This represented a return on equity of 10.3%. The board declared a final dividend of 19 cents a share.

QBE shares suffered in late February and early March amid the widespread floods in Queensland and New South Wales. The insurer said at the time it was working hard to support customers impacted by the severe weather and floodwaters.

QBE share price snapshot

QBE shares have climbed 4% year to date, but have surged more than 11% in the past month.

For perspective, S&P/ASX 200 Index (ASX: XJO) has returned around 7% in the past 52 weeks.

In the last week, QBE shares are 2% higher.

QBE has a market capitalisation of more than $17.5 billion based on the current share price.

The post Top broker tips 14% upside for QBE share price appeared first on The Motley Fool Australia.

More reading

• The QBE share price has gained 16% in a month. Is it still a ‘relatively inexpensive’ ASX 200 share?
• Broker names 3 of the best ASX 200 shares to buy in April
• Broker names 2 ASX 200 shares to buy with almost 20% upside
• Lucky 13? The QBE Insurance share price is now up 13% in 2 weeks
• Why ‘now is the time’ to buy QBE (ASX:QBE) shares: fundie

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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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ASX mining shares were the market leaders last quarter with several names taking out top spots in the race for shareholder returns.

The S&P/ASX 300 Metals & Mining Index (ASX: XMM) started at 5,539 and lunged to 6,352. As such, it earned a net change of 813 points or 14.7% for the quarter.

It has pared gains but still remains aloft the benchmark S&P/ASX 200 Index (ASX: XJO), shown below.

Top performing ASX mining shares

It was a constructive period for the ASX mining sector in more ways than one. There were 36 names that came out strong, whereas 18 were down, according to Bloomberg data. One name remained unchanged.

There were also eight new additions to the index, whereas two names were removed.

During the quarter Rio Tinto Limited (ASX: RIO) was one top performer of the ASX mining shares basket with a 25.94% change for the quarter.

A number of catalysts, stemming from roaring commodity markets and extending to company-specific updates, saw the Rio Tinto share price jump north for the period.

On a similar note, mining giant BHP Group Ltd (ASX: BHP)’s share price jumped up by 30.31%, whilst Sims Ltd (ASX: SGM) climbed by 37.76%.

However, it was Coronado Global Resources Inc (ASX: CRN) that came out on top, with a 72.53% gain for the quarter, followed by Champion Iron Ltd (ASX: CIA) which grew circa 46%.

The results of the top 10 gainers in the ASX metals and mining shares index from last quarter are tabled below.

Ticker	Name	Quartely gain (%)
CRN	Coronado Global Resources Inc	72.53
CIA	Champion Iron Ltd	45.90
SGM	Sims Ltd	37.76
AVZ	AVZ Minerals Ltd	34.97
BHP	BHP Group Ltd	30.31
PLL	Piedmont Lithium Inc	29.25
LKE	Lake Resources NL	28.71
S32	South32 Ltd	28.28
RIO	Rio Tinto Ltd	25.94

The post ASX mining shares were the leaders last quarter. Here are the top performers appeared first on The Motley Fool Australia.

More reading

• The best ASX All Ordinaries shares of the March quarter unmasked
• The Rio Tinto share price rallied 19% in the March quarter. What’s next?
• 2 ASX 200 dividend shares analysts rate as buys
• BHP and Woodside one step closer in creating $40 billion energy giant
• What drove the Rio Tinto share price higher on Friday?

Motley Fool contributor Zach Bristow 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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Like most every global index, the All Ordinaries Index (ASX: XAO) struggled during the March quarter, with ASX All Ordinaries shares finishing the three months up a slim 0.1%.

That came after a very strong 2021, which saw the All Ords gain 14% over the year.

While some companies enjoyed a very good quarter (click here to see the best ASX performers), others struggled amid the spectre of rising interest rates and geopolitical uncertainty, atop their own company specific woes.

Below we look at the three worst ASX All Ordinaries shares to have held during the March quarter.

You’ll note it was a very tight race to the bottom.

The third worst ASX All Ordinaries performer of the quarter

Coming in at number three is Zip Co Ltd (ASX: Z1P), which finished the March quarter down 66%.

The ASX All Ordinaries share operates in the buy now, pay later (BNPL) space. It was a market darling during the 11 months following the post pandemic fire sale lows, gaining 872% from 20 March 2020 through to 19 February 2021.

Unfortunately for Zip shareholders, it’s been largely downhill since. With the losses from the March quarter and the past week factored in, the Zip share price is now only 11% above the 20 March 2020 low.

The All Ordinaries share has come under pressure alongside others in the BNPL space as fast rising inflation figures point to some significant interest rate hikes ahead. High rates may be good news for the banks, but they appear to be a significant headwind for BNPL shares.

Zip’s shares continued to decline in March following a capital raising carried out to acquire fellow ASX BNPL share, Sezzle Inc (ASX: SZL).

The second worst performer during the quarter

The second worst ASX All Ordinaries share to have held during the quarter just past is Laybuy Group Holdings Ltd (ASX: LBY) 67%.

Laybuy’s BNPL payment platform allows customers to split paying for their purchases across six, weekly, interest free instalments.

But as with Zip and other BNPL shares, Laybuy doesn’t make a profit, it doesn’t pay any dividends, and with interest rates across the globe set to rise, its business model will face additional headwinds.

Zip shares hit all-time highs of $12.25 on 19 February 2021. Since then, the ASX All Ordinaries share is down 89%.

And that brings us to…

The worst ASX All Ordinaries share to have held during the March quarter

While it was a tight race, Cettire Ltd (ASX: CTT) takes the inglorious honour, with shares down 68% over the three months.

The online luxury goods retailer was a beneficiary of COVID lockdowns, which drove a surge in online retail purchases across the board.

Luxury goods are also more prone to catch the headwinds of rising interest rates. This saw the ASX All Ordinaries share come under increasing pressure over the quarter, as investors mull a world where rates no longer hover near zero.

The Cettire share price dropped again sharply on 23 March on news that the company’s founder, Dean Mintz was selling 35 million shares.

Cettire was trading at a record closing high of $4.75 per share on 16 November last year. Since then, the ASX All Ordinaries share has lost a painful 79%.

The post These were the worst 3 ASX All Ordinaries shares to hold during the March quarter appeared first on The Motley Fool Australia.

More reading

• These are the 10 most shorted ASX shares
• 16 million new Zip shares just hit the ASX. Here’s the deal
• 16 million new Zip shares will hit the ASX on Monday. What does this mean?
• Opportunity knocking? 3 ASX All Ords shares trading at 52-week lows today
• March was a lousy month for ASX BNPL shares. Here’s why

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Cettire Limited and ZIPCOLTD FPO. The Motley Fool Australia has recommended Cettire Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Allkem Ltd (ASX: AKE) share price is inching lower today, trading at $13.05 at the time of writing.

Zooming out, Allkem shares have lunged 29% higher in the last month and 135% in the last 12 months.

Swimming in a sea of green, the company has just scored itself a number of broker upgrades. Particularly given its ambition to become one of the world’s biggest lithium suppliers.

Why are analysts bullish on Allkem shares?

Analysts have put themselves behind Allkem in sequential fashion these past few months. In that time the company has released a number of lithium updates.

“Allkem has the lofty goal of becoming the world’s third biggest supplier of lithium chemicals and snaring 10 per cent of the market by 2030,” The Australian reports.

Not only that, but Allkem’s seemingly diversified offering positions it well to capitalise on emerging trends in the energy space, JP Morgan analysts say.

“Allkem (formerly Orocobre) holds a suite of both operating and development lithium projects and is well placed to capitalise on the growing electrification thematic,” it said in a recent note.

It operates across all three key lithium chemicals, with the Olaroz lithium brine JV in Argentina, the Mt Cattlin spodumene mine in Western Australia, and has the Naraha hydroxide conversion facility in Japan ramping up.

The growth pipeline is full, with Stage 2 at Olaroz more than doubling production and potential for Stage 3, while the greenfield Sal de Vida brine project in Argentina and James Bay Spodumene project in Canada offer additional medium-term growth.

The broker retains its overweight rating on the Allkem share price. JP Morgan has an $18.50 per share valuation on a blend of these catalysts for price change.

“With the backdrop of continuing lithium demand and pricing strength and AKE’s substantial growth pipeline, we remain overweight,” it concluded.

‘Ready to roar’

Meanwhile, analysts at Bell Potter believe the company’s growth engine is well fuelled and primed to roar in 2022. They are keeping it on the bullish side as well.

Assigning a buy call and an $18.05 price target on Allkem shares, Bell Potter said, “[t]he company’s growth pipeline supports this strategy [the goal outlined above] and is fully funded, even using a price outlook which is conservative compared to spot markets.”

With this commentary in mind, it appears brokers like Allkem’s balance sheet and fundamentals. Of course, that’s on a backdrop of an extensive spot rally in commodities.

The consensus price target on Allkem shares is $14.87, according to Bloomberg data. Further, 81.8% of analysts recommend buying right now. That’s up from 30% exactly one year ago.

The post Here’s why Allkem shares are getting multiple broker upgrades appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to buy next week
• Here’s why the lithium price is in the spotlight today
• Why not all ASX lithium shares are winners from surging commodity prices
• 2 hot ASX lithium stocks brokers rate as buys
• Top brokers name 3 ASX shares to buy today

Motley Fool contributor Zach Bristow 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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Nova Minerals Ltd (ASX: NVA) share price has returned from a trading halt with a thud on Monday.

In late trade, the gold developer’s shares are down 10% to 85.5 cents.

Why is the Nova Minerals share price sinking today?

The Nova Minerals share price has come under pressure today following news that the company has completed the sale of a portion of its investment holding in lithium developer Snow Lake Resources.

According to the release, the company has sold 3 million Snow Lake Resources shares in an underwritten secondary offering, which represented approximately 31% of its holding, at a price of US$6.00 per share.

This represents a 6.25% discount to the closing price on the day but an 11.6% discount to the current Snow Lake Resources share price on the Nasdaq.

The release advises that the company received total proceeds of US$18 million (A$24 million) before underwriting fees and offering expenses.

In light of this sale, the company is now fully funded to continue its aggressive resource development drilling and study programs at its 9.6 Moz Estelle Gold Project. Funds will also be used for general working capital purposes.

Based on the Nova Minerals share price performance today, some investors appear to be disappointed with the selldown given booming lithium prices.

Management commentary

Nova’s CEO, Christopher Gerteisen, believes the sale was the right move and represents a major milestone. He commented:

“This funding represents another milestone achievement for the Company and illustrates our strict capital management strategy, of identifying and entering strategic investments cheaply, growing them over time, and then monetising them to fund our path to production at the Estelle Gold Project, all while minimising dilution to Nova shareholders and keeping debt off our balance sheet.

“The price obtained for the sale of our Snow Lake shares, which was a complex transaction given Nova’s position as a major founding shareholder, was dictated by the regulatory approval timeframe and market conditions, with the LIT ETF, NASDAQ, many of the lithium juniors, and other major lithium indicators all heavily down having experienced a correction at the time of pricing.

“Nova is a gold company focused with passion, determination, and purpose on developing our flagship Estelle Gold Project. The opportunity cost of not being fully funded and committed to completing the full slate of aggressive 2022 work programs, which are expected to add enormous value to the Company with so much resource upside at play, was not an option we considered.”

The post Here’s why the Nova Minerals share price is tumbling 10% today appeared first on The Motley Fool Australia.

More reading

• These were the worst 3 ASX All Ordinaries shares to hold during the March quarter
• Here’s why Allkem shares are getting multiple broker upgrades
• Here are the 3 most heavily traded ASX 200 shares on Monday
• Can Wesfarmers shares deliver an attractive dividend yield AND 20% upside in 2022?
• Have investors fallen out of love with Novonix shares in 2022?

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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) has started the trading week on a topsy-turvy note so far this Monday. At the time of writing, the ASX 200 is up but only just, gaining 0.04% at just under 7,482 points.  

But rather than trying to figure that out, let’s instead check out which ASX 200 shares are currently at the peak of the ASX’s trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Monday

Pilbara Minerals Ltd (ASX: PLS)

Pilbara Minerals is our first share to check off today. This ASX 200 lithium producer had had a sizeable 14.49 million of its shares traded on the markets so far. This may be the result of the announcement Pilbara made this morning. The company is pressing ahead with its lithium conversion facility that it’s undertaking in a joint venture with the Korean company Posco. The markets don’t seem to be in an approving mood though, with the Pilbara share price currently down by 3.75% to $3.08. It could be a combination of these events which has led to so many shares trading today.

Paladin Energy Ltd (ASX: PDN)

Tuning to another resources company, we have ASX 200 uranium share Paladin. So far today, a hefty 20.96 million Paladin shares have been bought and sold. There’s been no major news or announcements out of Paladin today. However, the company has also suffered a nasty share price fall. The Paladin share price is currently down by 2.76% at 88 cents. It’s this drop that is likely to be the smoking gun behind Paladin’s high volumes today.

AVZ Minerals Ltd (ASX :AVZ)

Another ASX 200 lithium share in AVZ caps off our list today. This Monday has seen a notable 23.83 million AVZ shares swap hands so far. It’s a similar story here too. No news out of AVZ but a painful share price drop. In this case, the AVZ share price is presently down a nasty 4.91% at $1.065. This is probably the reason why we are seeing AVZ top out the ASX 200’s most traded shares so far this Monday. Despite today’s share price fall, AVZ shares are still up an impressive 253% over the past six months alone.

The post Here are the 3 most heavily traded ASX 200 shares on Monday appeared first on The Motley Fool Australia.

More reading

• Why A2 Milk, Ionic Rare Earths, Pilbara Minerals, and Tyro shares are dropping
• Here are the best and worst performing ASX sectors of the quarter
• Why is the Macquarie share price underperforming today?
• The Endeavour share price has notched up 4 all-time highs in a week. What’s happening?
• ASX 200 midday update: IGO increases Western Areas offer, BlueScope makes US acquisition

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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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This year so far has been a downhill rollercoaster for the Wesfarmers Ltd (ASX: WES) share price.

It’s currently trading for 19.31% less than it was at the start of the year. Right now, the Wesfarmers share price is $48.43.

For context, the S&P/ASX 200 Index (ASX: XJO) has slipped just 1.45% year to date.

However, Wesfarmers’ home sector – the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) –has slumped 16.97% so far this year.

But could things be about to turn around for one of the Aussie market’s favourite retail (and industrial) conglomerates? One broker is predicting big things from the company in the future. Let’s take a look.

What could the future bring for Wesfarmers’ shares?

The Wesfarmers share price could be getting ready to take off on an upwards trajectory, and the company’s dividends could be along for the ride.

As The Motley Fool Australia’s James Mickleboro recently reported, Morgans is spruiking the company as “one of the highest quality retail portfolios in Australia.”

That portfolio houses some of Australia’s most recognisable storefronts, including Bunnings, Kmart, Target, Officeworks, and even online retailer, Catch.

Its recent acquisition of Australian Pharmaceutical Industries sees Wesfarmers also house Priceline, Soul Pattinson Chemist, and Clear Skincare.

On top of that, Wesfarmers owns a suite of chemical, energy, fertiliser, industrial, and safety brands. It even has an interest in a lithium mine.

With all that on Wesfarmers’ plate, those running the shop must be busy. Fortunately, Morgans believes its led by “a highly regarded management team” and has a “healthy” balance sheet.

Morgans has a $58.50 price target on Wesfarmers’ shares. That represents an upside of nearly 20.8% on the company’s current share price.

Additionally, the broker believes the conglomerate will be posting $1.62 of fully franked dividends per share this financial year and $1.81 per share in financial year 2023.

For context, Wesfarmers handed out $1.78 per share last financial year and $1.52 (plus an 18 cent special dividend) in financial year 2020.

It has also paid out an 80 cent interim dividend late last month.

If Morgans’ prediction comes true, that would leave Wesfarmers with a dividend yield of 3.3% this financial year and 3.69% next financial year, based on its share price at Friday’s close.

The post Can Wesfarmers shares deliver an attractive dividend yield AND 20% upside in 2022? appeared first on The Motley Fool Australia.

More reading

• The Wesfarmers share price tumbled 15% in the March quarter. What’s next?
• Brokers name 2 ASX 200 dividend shares to buy now
• Broker names 3 more of best ASX 200 shares to buy in April
• Coles share price falls amid reports Wesfarmers is selling down its stake: Time to buy?
• 5 things to watch on the ASX 200 on Wednesday

Motley Fool contributor Brooke Cooper 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 owns and has recommended Wesfarmers Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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