If you're looking for options for your income portfolio, then you may want to check out the two ASX All Ords dividend shares listed below.
Here's what Morgans is saying about these income options right now:
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Healthco Healthcare and Wellness REIT (ASX: HCW)
The first ASX All Ords dividend share that Morgans is positive on is the Healthco Healthcare and Wellness REIT.
It is a real estate investment trust that invests in hospitals, aged care, childcare, government, life sciences and research, and primary care and wellness properties. These are relatively defensive assets that should be in demand whatever is happening in the economy.
Morgans believes the company is well-placed to increase its dividend in the coming years. It is forecasting dividends per share of 7.6 cents in FY 2023 and 7.8 cents in FY 2024. Based on the current Healthco Healthcare and Wellness REIT unit price of $1.41, this will mean yields of 5.4% and 5.5%, respectively.
Morgans has an add rating and a $1.72 price target on them.
Westpac Banking Corp (ASX: WBC)
Another ASX All Ords dividend share that Morgans rates as a buy is Westpac. It is of course one of Australia's big four banks.
Morgans is positive on the banking giant due to its belief that it has the best return on equity improvement potential among the big four.
It highlights that the "sources of this improvement include improved loan origination and processing capability, cost reductions (including from divestments and cost-out), rapid leverage to higher rates environment, and reduced regulatory credit risk intensity of non-home loan book."
In respect to dividends, the broker expects fully franked dividends of $1.49 per share in FY 2023 and $1.52 per share in FY 2024. Based on the current Westpac share price of $21.98, this will mean yields of 6.8% and 6.9%, respectively.
Morgans has an add rating and a $24.22 price target on its shares.
