As we embark on a new month, astute investors are honing their focus on bolstering their income portfolios. We’ve honed in on five potential powerhouses on the ASX that are drawing attention for their dividend prospects this May.
Accent Group Ltd (ASX: AX1)
The notable footwear retailer Accent Group is on the radar, driven by positive sentiments from Bell Potter, which praises the brand’s extensive retail network. With a buy rating and an ambitious price target, investors are eyeing the impressive dividend yields projected to crest near 6.89% and 7.7% for FY 2024 and FY 2025 respectively.
APA Group (ASX: APA)
APA Group, an energy infrastructure stalwart, brings a blend of gas, electricity, and renewable assets to the table. Macquarie maintains an ‘outperform’ stance on APA, with dividend yields anticipated to hover around 6.7% and 6.9% in the coming fiscal periods.
Rio Tinto Ltd (ASX: RIO)
The mining behemoth Rio Tinto Ltd commands attention, backed by a buy rating from Goldman Sachs and a robust forward-looking dividend forecast. Investors stand to gain from yields that could approximate 5.1% and 5.4% for FY 2024 and FY 2025, tethered to the organization’s strong market standing.
Super Retail Group Ltd (ASX: SUL)
Super Retail Group’s diversified portfolio, encompassing notable consumer brands, positions it as a noteworthy dividend prospect. With dividends per share showing promising growth, yields are projected to scale to 4.6% and 5% in the subsequent years.
Transurban Group (ASX: TCL)
The toll road operator Transurban Group rounds out this list, capturing investor interest with Citi’s buy rating and encouraging dividend projections. The anticipated dividend per share growth suggests yields may target the 5% range in the short term.
These five ASX entities have been singled out not only for their solid dividend prospects but also for the overall robustness they may add to an income-focused investment portfolio.