The Australian share market is home to a good number of shares offering attractive dividend yields.
But which ones should you buy over others? Here's are two ASX 200 dividend shares that analysts rate as buys right now:
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Wesfarmers Ltd (ASX: WES)
The first ASX 200 dividend share to consider is this leading conglomerate. Wesfarmers is the company behind a diverse range of businesses such as Bunnings, Catch, Covalent Lithium, Kmart, Officeworks, and Priceline.
And while inflation and rising living costs are likely to be putting pressure on its retail businesses, the team at Morgans remains positive. This is due partly to its belief that "Kmart is well-placed to benefit with the average price of an item at around $6-7."
In light of this, its analysts have put an add rating and $55.60 price target on its shares.
As for 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 $45.35, this will mean yields of 4% and 4.2%, respectively.
Westpac Banking Corp (ASX: WBC)
A second ASX 200 dividend share that could be in the buy zone is banking giant Westpac.
As well as being the owner of the eponymous Westpac brand, it also owns a collection of regional banking brands such as Bank of Melbourne, Bank SA, and St Georges.
The team at Citi is very positive on Westpac and notes that Australia's oldest bank is aiming to reduce its cost base materially in the coming years. It is partly for this reason that Citi sees Westpac "delivering the strongest EPS growth in the sector" in the coming years.
Citi currently has a buy rating and $30.00 price target on the bank's shares.
In respect to dividends, the broker has pencilled in fully franked dividends of 122 cents per share in FY 2022 and 160 cents per share in FY 2023. Based on the current Westpac share price of $23.43, this will mean yields of 5.2% and 6.8%, respectively.
