If you are on the lookout for new income portfolio additions, then read on!
Listed below are three ASX 200 dividend stocks that analysts believe could be quality picks for investors this month. Here's what they are expecting from them:
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BHP Group Ltd (ASX: BHP)
The first ASX 200 dividend stock to look at is BHP. It is of course one of the world's largest miners.
Morgans is positive on the company and highlights that BHP's "basket of market exposures share the similar characteristic of typically boasting bumper margins throughout the cycle." This allows the Big Australian to generate plenty of free cash flow each year.
Morgans expects this trend to continue and support the payment of some big dividends in the near term. It is forecasting fully franked dividends of approximately ~$1.97 per share in FY 2024 and then ~$2.00 per share in FY 2025. Based on the current BHP share price of $40.88, this equates to dividend yields of 4.8% and 4.9%, respectively.
The broker has an add rating and $49.20 price target on the miner's shares.
Suncorp Group Ltd (ASX: SUN)
Another ASX 200 dividend stock that could be a buy according to analysts is Suncorp. It is the insurance company behind brands including AAMI, Apia, Bingle, GIO, Shannons, and Vero, as well as the eponymous Suncorp brand.
Goldman Sachs is positive on the company. It revealed that it is "favourably disposed to Suncorp, noting in large part the tailwinds that exist in the general insurance market – i.e., strong renewal premium rate increases and the benefit of higher investment yields."
The broker expects this to support the payment of fully franked dividends per share of 71 cents in FY 2025 and then 82 cents in FY 2026. Based on the current Suncorp share price of $18.03, this will mean dividend yields of 3.9% and 4.5%, respectively.
Goldman Sachs has a buy rating and $18.50 price target on its shares.
Super Retail Group Ltd (ASX: SUL)
A third ASX 200 dividend stock that has been tipped as a buy is Super Retail. It is the retail group behind the BCF, Supercheap Auto, Macpac, and Rebel store brands.
Goldman Sachs is also feeling positive about this company. It has been pleased with "the resilience of all key businesses against an environment where consumers are cost conscious." It also notes that Super Retail "is building a competitive advantage through 11.1mn members and 76% sales to members, which will help drive sales in a more complex operating environment."
As for income, the broker expects the company to be in a position to pay fully franked dividends per share of 69 cents in FY 2024 and 72 cents in FY 2025. Based on its current share price of $16.66, this will mean yields of 4.15% and 4.3%, respectively.
Goldman has a buy rating and $17.80 price target on its shares.
