Later today Woolworths Group Ltd (ASX: WOW) shareholders will be paid the conglomerate's fully franked interim 45 cents per share dividend.
Whilst some shareholders may take advantage of the company's dividend reinvestment plan or use the funds as a source of income, I'm sure many others will be looking to reinvest the funds back into the share market.
Here's where I would reinvest these funds:
Aristocrat Leisure Limited (ASX: ALL)
Investors interested in growth shares might want to consider this leading gaming technology company. I think Aristocrat Leisure's shares are trading at a very attractive price given its strong long-term growth potential. As well as having a strong core pokie machine business which continues to gain market share, Aristocrat Leisure has a digital business which is growing at a rapid pace. The latter was a key reason the company delivered a 34.2% lift in normalised NPATA to $729.6 million in FY 2018.
Dicker Data Ltd (ASX: DDR)
If you're interested in generating even more dividends then this leading wholesale distributor of computer hardware and software in Australia and New Zealand could be a great option. I'm a big fan of Dicker Data due to its robust business model, solid growth potential, high levels of insider ownership, and its quarterly dividends. Furthermore, thanks to a strong start to the year, management recently provided dividend guidance of 22 cents per share in FY 2019. This works out to be a fully franked 5.2% forward dividend yield.
Helloworld Travel Ltd (ASX: HLO)
I think that this integrated travel company is a quality option for investors looking for a mixture of growth and income. When Helloworld released its half year results in February, management reiterated that it expects to deliver full year EBITDA growth of between 16.5% and 22.7% this year. It also increased its interim dividend by 14% to 8 cents per share, meaning its shares currently provide investors with a trailing fully franked 4.7% yield.
