Are you looking for attractive dividend yields for your portfolio?
If you are, then it could be worth checking out the four buy-rated ASX income stocks listed below. Here's what you need to know about them:
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Aurizon Holdings Ltd (ASX: AZJ)
Analysts at Ord Minnett think Aurizon could be an ASX income stock to buy.
It is Australia's largest rail freight operator. Each year it transports more than 250 million tonnes of Australian commodities, connecting miners, primary producers, and industry with international and domestic markets.
Ord Minnett currently has an accumulate rating and $4.70 price target on its shares.
As for dividends, the broker is forecasting partially franked dividends of 17.8 cents per share in FY 2024 and then 24.3 cents per share in FY 2025. Based on the latest Aurizon share price of $3.62, this will mean dividend yields of 4.9% and 6.7%, respectively.
GDI Property Group Ltd (ASX: GDI)
Bell Potter is tipping this property company as an ASX income stock to buy. It has a buy rating and 75 cents price target on its shares.
The broker believes GDI Property is well-positioned to pay some big dividends in the coming years.
For example, the broker is forecasting dividends per share of 5 cents across FY 2024, FY 2025, and FY 2026. Based on the current GDI Property share price of 56 cents, this implies massive dividend yields of 8.9% for the next three years.
Universal Store Holdings Ltd (ASX: UNI)
Another ASX income stock that could be a buy is Universal Store. It is the youth fashion retailer behind the Universal Store, Perfect Stranger, and Thrills brands.
Morgans is feeling bullish about the company and has an add rating and $6.95 price target on its shares.
Its analysts have been impressed with Universal Store's performance this year and last week stated that "UNI remains a key pick in Consumer Discretionary."
As for income, Morgans is forecasting fully franked dividends of 26 cents per share in FY 2024 and then 29 cents per share in FY 2025. Based on the current Universal Store share price of $5.65, this equates to dividend yields of 4.6% and 5.1%, respectively.
Woodside Energy Group Ltd (ASX: WDS)
Finally, analysts at Morgans are tipping energy giant Woodside as an ASX income stock to buy.
The broker believes that recent share price weakness has created a buying opportunity for investors. Its analysts also note that "increasing our conviction in our [buy] call is the progress WDS is making through the current capex phase, while maintaining a healthy balance sheet and healthy dividend profile."
Morgans is forecasting fully franked dividends of $1.25 per share in FY 2024 and then $1.57 per share in FY 2025. Based on the current Woodside share price of $26.94, this represents attractive dividend yields of 4.6% and 5.8%, respectively.
Morgans has an add rating and $36.00 price target on its shares.
