A new month is here, so what better time to consider making some new additions to your income portfolio?
Five ASX dividend stocks that could be worth considering are listed below. Here's what you need to know about them:
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Accent Group Ltd (ASX: AX1)
Bell Potter thinks that Accent Group could be an ASX dividend stock to buy this month. It is footwear footwear-focused retailer with over 800 stores across brands such as Sneaker Lab, Platypus, Stylerunner, and The Athlete's Foot. The broker currently has a buy rating and a $2.50 price target on its shares.
As for income, Bell Potter has pencilled in fully franked dividends per share of 13 cents in FY 2024 and then 14.6 cents in FY 2025. Based on the latest Accent share price of $1.89, this represents dividend yields of 6.89% and 7.7%, respectively.
APA Group (ASX: APA)
Another ASX dividend stock to look at is APA Group. It is an energy infrastructure business that owns, manages, and operates a diverse portfolio of gas, electricity, solar and wind assets. Macquarie is positive on the company and currently has an outperform rating and a $9.40 price target on the company's shares.
As for dividends, the broker is forecasting dividends per share of 56 cents in FY 2024 and 57.5 cents in FY 2025. Based on the current APA Group share price of $8.32, this equates to 6.7% and 6.9% dividend yields, respectively.
Rio Tinto Ltd (ASX: RIO)
The team at Goldman Sachs thinks that this mining giant could be an ASX dividend stock to buy in May. It has a buy rating and a $138.90 price target on the miner's shares.
In respect to dividends, the broker is forecasting fully franked dividends per share of US$4.29 (A$6.63) in FY 2024 and then US$4.55 (A$7.03) in FY 2025. Based on the latest Rio Tinto share price of $130.49, this will mean yields of approximately 5.1% and 5.4%, respectively.
Super Retail Group Ltd (ASX: SUL)
Another ASX dividend stock to consider in May is Super Retail. It is the owner of BCF, Supercheap Auto, Macpac, and Rebel. Goldman currently has a buy rating and a $17.80 price target on its shares.
As for income, the broker expects fully franked dividends per share of 67 cents in FY 2024 and 73 cents in FY 2025. Based on its current share price of $14.67, this will mean yields of 4.6% and 5%, respectively.
Transurban Group (ASX: TCL)
Finally, Transurban could be another ASX dividend stock to buy this month. Citi is a fan of the toll road operator and has a buy rating and a $15.60 price target on its shares.
Its analysts are expecting some good yields from its shares. The broker is forecasting dividends per share of 63 cents in FY 2024 and 65 cents in FY 2025. Based on the current Transurban share price of $12.54, this will mean yields of 5% and 5.2%, respectively.
