When it comes to dividend income, there's nothing quite like getting a good yield. That's why we're taking a look at the ASX 200 shares that are offering the highest dividend yield right now.
These companies could be considered 'dividend beasts' – offering an attractive income stream of more than 5% yield. So, if you're searching for some high-yielding stocks, these five companies are serving up the largest dividends in the entire S&P/ASX 200 Index (ASX: XJO).
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5 ASX 200 shares with juicy dividend yields
Before we get started, keep in mind that a high dividend yield can result from a falling share price. Under these circumstances, it is not uncommon for companies to lower their future payouts. In the investing world, this is known as a dividend trap.
BHP Group Ltd (ASX: BHP)
Skyrocketing commodity prices have turned many ASX 200 mining shares into cash factories over the past 12 months. One of those companies is the world's mining mammoth, BHP Group.
Pumping out more than US$15.7 billion in net earnings during the last full year period, management raised the bar for dividends. Having produced US$3.50 in dividends per share (DPS) in a trailing 12-month period, BHP is showcasing a 9% dividend yield.
Investors opted to sell BHP shares down today after its third-quarter update failed to impress analysts.
Platinum Asset Management Ltd (ASX: PTM)
The next ASX 200 share dishing out a downright shockingly high dividend yield is Platinum Asset Management. However, this asset management company's high yield appears to be at the hand of a poorly performing share price.
To the dismay of shareholders, Platinum shares have fallen 60% in a one-year timeframe. During this time, the fund manager has witnessed significant outflows, putting pressure on the company's revenue and earnings.
Based on the current share price, this dividend-paying share is fetching a yield of 11.7%.
Rio Tinto Limited (ASX: RIO)
Rio Tinto has managed to hold onto the podium in its descent from the second spot in our previous 'dividend beasts' standings earlier in the year.
This ASX 200 mining share has been showered in increased earnings amid surging iron ore prices. In addition, the company's share price has bounced back over the past few months, resulting in a reduced dividend yield.
Nonetheless, Rio Tinto is carrying an impressive 12.2% yield, exceeding the industry average of 7.7%.
Fortescue Metals Group Limited (ASX: FMG)
Next on our list of ASX 200 shares that boast the highest dividend yield is yet another mining giant. Interestingly, Fortescue Metals Group took out the top spot back in January. However, the company has since provided a reduced interim dividend compared to the prior year.
Accounting for the change, dividends for the trailing 12-month period now stand at $2.97 per share. This works out to be equivalent to a yield of 13.8%. There's little doubt that shareholders will be upset about such an egregiously large yield.
Magellan Financial Group Ltd (ASX: MFG)
Finally, the king of the dividend hill takes its rightful spot. Formerly finding third place on our dividend beasts list, this ASX 200 share has boosted its yield even further since it was last covered.
Magellan Financial Group is now parading a dividend yield of 14.1%. Though, there are a couple of things to note on this payout. Firstly, the Magellan share price has fallen roughly 13% since we last covered it. Furthermore, the fund manager raised its interim dividend by 13%, despite its payout ratio exceeding 100%.
For now, Magellan reins over all other ASX 200 shares as the company with the highest dividend yield.
