Australia's leading brokers were busy running the rule over a number of ASX dividend stocks last week.
Three that were given the thumbs up by analysts are listed below. Here's what they are saying about them and what sort of dividend yields they are forecasting in the near term:
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Computershare Ltd (ASX: CPU)
According to a note out of Morgan Stanley, its analysts have retained their overweight rating on this stock transfer company's shares with a trimmed price target of $29.40.
The broker believes that Computershare's shares are good value at current levels. Especially given its expectation that management will announce another sizeable share buyback next month with its results.
As for income, the broker is forecasting dividends per share of approximately 81 cents in FY 2024 and then 86 cents in FY 2025. Based on the current Comptershare share price of $26.20, this equates to dividend yields of 3.1% and 3.3%, respectively.
Jumbo Interactive Ltd (ASX: JIN)
Another ASX dividend stock that brokers are bullish on is online lottery ticket seller Jumbo Interactive.
Another note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $20.80 price target on its shares.
The broker believes that strong jackpot activity and price increases could lead to the company outperforming expectations during earnings season.
Morgan Stanley expects this to support fully franked dividends per share of approximately 52 cents in FY 2024 and then 59 cents in FY 2025. Based on the current Jumbo Interactive share price of $15.96, this equates to yields of 3.25% and 3.7%, respectively.
Rio Tinto Ltd (ASX: RIO)
Analysts at Goldman Sachs are tipping this mining giant as an ASX dividend stock to buy.
In response to the company's quarterly update last week, its analysts put a buy rating and $136.10 price target on its shares.
The broker believes Rio Tinto's shares have a "compelling relative valuation trading at c. ~0.8x NAV (A$144.0/sh) vs. peers (BHP ~0.9x NAV and FMG ~1.3x NAV) and c. ~5.5x NTM EBITDA at GSe base case, below the historical average of ~6-7x."
In addition, Goldman Sachs is expecting some very good dividend yields from the miner. It is forecasting fully franked dividends of US$4.30 (A$6.43) per share in FY 2024 and then US$4.40 (A$6.58) per share in FY 2025. Based on its current share price of $113.99, this equates to dividend yields of 5.6% and 5.8%, respectively.
