CSL Limited (ASX: CSL) shares have dipped beneath the $300 watermark over the past two days.
The CSL share price is currently $299.51, down 0.03% for the day so far.
The ASX 200 blue chip share has recorded large fluctuations in price over the past 12 months.
Its lowest trading price over the period is $254.30, recorded in June last year.
Its 52-week high is $314.28, recorded in February.
Is it time to buy?
Are CSL shares a buy under $300?
The analysts at Citi certainly think so. They currently have a buy rating on CSL shares and a 12-month price target of $350. That implies a potential 17% upside from here.
Macquarie has an outperform rating on CSL shares with a 12-month price target of $344.
CSL shares once again feature on Morgans' best ideas list this month.
The broker has given the ASX 200 biotech share an add rating and a $337 share price target.
The broker says CSL is a buy due to its significantly improved outlook and attractive valuation.
Morgans says:
A key portfolio holding and key sector pick, we believe CSL is poised to break-out this year, a COVID exit trade, offering double-digit recovery in earnings growth as plasma collections increase, new products get approved and influenza vaccine uptake increases around ongoing concerns about respiratory viruses, with shares offering good value trading around its long-term forward multiple of ~30x.
Analysts impressed by company's European tour
CSL shares outperformed the ASX 200 in April, rising 4.3%. The ASX 200 rose by 1.8%.
As my Fool colleague James reported, CSL conducted a European investor site tour at the end of March.
Morgan Stanley responded to the tour by reiterating its overweight rating and $339 price target.
Goldman Sachs was also at the event and said:
… CSL is now well positioned for a medium-term period of less capital-intensive growth (supporting our views that the current ROIC [return on invested capital] trough should markedly improve from here).
What about dividends?
Another Fool writer, Sebastian suggests CSL shares are a 'sleeping dividend giant'.
He points out that the annual dividend has risen by a cumulative 96.5% between 2014 and 2022.
The biotech has just paid investors an interim dividend of US$1.07 per share. That's up from US$1.04 per share in 2022.
If the company continues increasing its dividends at the same pace as the 2014 to 2022 period, shareholders stand to receive US$4.36 per share by the year 2030.
That's $6.52 per share in Australian dollars at today's exchange rate.
