The ASX has enjoyed a very positive week so far. Since last Friday, the All Ordinaries Index (ASX: XAO) has gained a healthy 1.8%, which is a solid result for four days of trading. But even though many ASX shares are recovering of late, many are still close to new 52-week lows. That includes some ASX high-yield dividend shares too.
But, as income investors would be well aware, a falling dividend share price raises a company's running dividend yield. This can often entice investors to take a second look.
So let's check out three ASX dividend shares that have seen new 52-week lows in the past month, and check out their new dividend yields. Remember, just because an ASX dividend share has a high trailing yield, it doesn't mean the company will keep its dividends consistent going forward.
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3 high-yield ASX dividend shares near 52-week lows
Magellan Financial Group Ltd (ASX: MFG)
Fund manager Magellan has had a shocker of a year over the past 12 months. This once-venerated fund manager has seen its valuation taken out by 68.3% over the past year. That includes a 32.3% haircut in 2022 alone. Magellan hit a new 52-week low of $13.22 earlier this month. But this unfortunate performance has also resulted in a stupendous trailing dividend yield.
On recent pricing, this ASX dividend share has a trailing yield of 15.49%. What's interesting about Magellan is that during its half-year results that were reported in February, the company paid out its highest interim dividend on record. However, the recent exodus we have seen with Magellan's funds under management might mean the company will struggle to fund high dividends in the future.
Wesfarmers Ltd (ASX :WES)
ASX 200 blue chip and dividend share Wesfarmers is next up. Prior to 2022, the phrase '52-week low' wasn't uttered too often next to the Wesfarmers share price. But investor sentiment seems to have cooled off over this company of late.
Wesfarmers is now down more than 20% from the all-time high of $67.20 a share that we saw back in August last year. The company's recent acquisition of API might have something to do with this.
It was around a month ago that we saw Wesfarmers hit a new 52-week low of $47.44 a share. The conglomerate has only bounced off that low by a few dollars and closed yesterday at $50.34. However, this has pushed the Wesfarmers dividend yield up to 3.38% at this pricing. With the company's typical full franking credits, that gives Wesfarmers a grossed-up yield of 4.83%.
Platinum Asset Management Ltd (ASX: PTM)
Another fund manager in Platinum is our last dividend share to check out today. Platinum made a new 52-week low of $2.05 a share earlier this month, and even at the latest pricing, is only a whisker off that low base at $2.10. But again, this has resulted in a massive stretch of the company's trailing dividend yield. Platinum shares now have a yield of 10.48% in front of them.
Like Magellan, Platinium has been struggling in recent years with fund underperformance. This may have led to a loss of confidence from investors in this ASX dividend share. Unlike Magellan though, Platinum's most recent dividend represented a cut from last year's equivalent payment.
