Are you looking to boost your income portfolio with some ASX dividend shares? Then you might want to take a look at the ones listed below.
Here's why these ASX dividend shares could be in the buy zone:
Accent Group Ltd (ASX: AX1)
This leading leisure footwear retailer could be a top option for income investors.
Thanks to the strong performance of its HYPEDC, The Athlete's Foot, and Platypus brands, Accent has been growing at a very strong rate over the last 12 months. This has been driven partly by a favourable redirection of consumer spending away from international travel.
Accent recently revealed first half like for like sales growth of 12.3% excluding stores closures. And with its online sales booming, there's a good chance it will be enjoying wider margins and deliver even stronger profit growth.
One broker that is positive on the company is Citi. It currently has a buy rating and $2.60 price target on its shares and is forecasting an 11 cents per share dividend in FY 2021. Based on the current Accent share price, this represents a fully franked 4.7% dividend yield.
Coles Group Ltd (ASX: COL)
Another ASX dividend share to look at is Coles. It has also been a big winner from a shift in consumer spending and habits. This led to the supermarket giant delivering a strong half year result last week.
And while its cautious outlook spooked investors and led to the Coles share price sinking lower, this appears to have created a buying opportunity.
Analysts at Goldman Sachs have reaffirmed their buy rating but trimmed their price target slightly to $20.70. Based on the current Coles share price, this price target implies potential upside of 26% over the next 12 months excluding dividends. Including the 3.7% dividend yield that Goldman estimates that its shares offer, this increases to approximately 30%.
