If you have room in your portfolio for some more ASX dividend stocks in May, then it could be worth checking out the three listed below.
They have been named as buys and tipped to provide attractive dividend yields. Here's what you need to know about them:
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Rio Tinto Ltd (ASX: RIO)
The first ASX dividend stock for investors to look at buying is Rio Tinto.
It is of course one of the largest miners in the world and the owner of a portfolio of operations across multiple commodities. This includes the Gudai-Darri iron ore mine and the ISAL aluminium smelter.
Goldman Sachs thinks it would be a great option if you're not averse to investing in the mining sector. Particularly given its belief that "Rio is a FCF and production growth story."
The broker expects this to underpin fully franked dividends per share of US$4.29 (A$6.48) in FY 2024 and then US$4.55 (A$6.87) in FY 2025. Based on the latest Rio Tinto share price of $129.68, this will mean yields of approximately 5% and 5.3%, respectively.
Goldman has a buy rating and a $138.30 price target on its shares.
Stockland Corporation Ltd (ASX: SGP)
Another ASX dividend stock that could be a buy is Stockland.
It is a leading residential developer with a focus on delivering a range of master planned communities and medium density housing in growth areas across Australia.
Analysts at Citi are bullish and see Stockland as a buy at current levels. Particularly given recent positive news on residential sales momentum.
In respect to dividends, Citi is expecting dividends per share of 26.2 cents in FY 2024 and 26.6 cents in FY 2025. Based on the current Stockland share price of $4.45, this will mean yields of 5.9% and 6% yields, respectively.
Citi has a buy rating and a $5.20 price target on its shares.
Woodside Energy Group Ltd (ASX: WDS)
A final ASX dividend stock that could be in the buy zone this month is Woodside Energy.
It is one of the globe's largest energy producers and the operator of world-class operations such as Pluto LNG and Shenzi.
Morgans thinks that investors should be taking advantage of recent share price weakness. Particularly given the quality of its earnings and strong balance sheet.
In addition, the broker is forecasting attractive dividend yields in the near term. It is expecting the company to pay fully franked dividends of $1.25 per share in FY 2024 and $1.57 per share in FY 2025. Based on the current Woodside share price of $27.33, this equates to 4.6% and 5.75% dividend yields, respectively.
Morgans has an add rating and a $36.00 price target on its shares.
