If you're looking to boost your income portfolio, then you may want to look at the shares listed below.
Here's why these ASX dividend shares have been tipped as buys:
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Dicker Data Ltd (ASX: DDR)
The first ASX dividend share for income investors to look at is Dicker Data. It is a leading technology hardware, software, and cloud distributor.
Dicker Data has been growing its earnings and dividends at a consistently strong rate for well over a decade and has continued this trend in FY 2022.
The good news is that it looks well-placed to build on this in the coming years thanks to growing demand, favourable industry tailwinds, its strong market position, recent acquisitions, and its warehouse expansion. The latter is boosting capacity materially, allowing the company to capture the increasing demand.
Morgan Stanley is a big fan of the company. It currently has an overweight rating and $14.00 price target on its shares.
As for dividends, the broker is expecting the company's dividend to continue growing and is forecasting fully franked dividends per share of 35.3 cents in FY 2022 and 40.5 cents in FY 2023. Based on the current Dicker Data share price of $10.03, this will mean yields of 3.5% and 4%, respectively.
Wesfarmers Ltd (ASX: WES)
Another ASX dividend share that has been named as a buy is Wesfarmers.
It is the conglomerate behind a collection of businesses across several sectors. This includes retailers such as Bunnings and Kmart, as well as industrial businesses Coregas and Covalent Lithium.
Morgans is very positive on the company. Its analysts believe Wesfarmers is well-placed for growth. This is thanks to it having "one of the highest quality retail portfolios in Australia" and a "highly regarded management team."
The broker currently has an add rating and $55.60 price target on its shares.
In respect to dividends, Morgans is forecasting fully franked dividends per share of $1.82 in FY 2023 and $1.89 in FY 2024. Based on the current Wesfarmers share price of $43.28, this will mean yields of 4.2% and 4.35%, respectively.
