2 of the best ASX dividend shares to buy today

Coles Group Ltd (ASX:COL) and this ASX dividend share could be among the best on offer for income investors…
The post 2 of the best ASX dividend shares to buy today appeared first on The Motley Fool Australia. –

Best asx shares represented by multiple hand reaching for winners cup

Are you looking to boost your portfolio with a few dividend shares? Then you might want to take a look at the ones listed below.

Here’s why these ASX dividend shares could be among the best on offer on the Australian share market:

Coles Group Ltd (ASX: COL)

The first ASX dividend share to look at is Coles. This supermarket giant has been a particularly strong performer over the last 12 months thanks to its defensive qualities and a favourable redirection in consumer spending.

Pleasingly, this strong form has continued in FY 2021, with Coles reporting solid growth across its business so far in the financial year. This appears to have positioned the company to deliver another strong full year result in August.

Looking further ahead, the company’s refreshed strategy appears to be positioning it for growth over the long term. This strategy is aiming to cut costs, boost automation, and make Coles an own brand powerhouse.

Analysts at Citi are positive on the company and have a buy rating and $21.20 price target on its shares. Its analysts are forecasting a 63.5 cents per share fully franked dividend in FY 2021. Which, based on the latest Coles share price, represents a fully franked 3.45% dividend yield.

Sonic Healthcare Limited (ASX: SHL)

Another ASX dividend share to look at is Sonic Healthcare. It is a leading medical diagnostics company with operations across the world.

Like Coles, Sonic has been a very impressive performer during the pandemic. For example, in October the company released its first quarter update and revealed a 29% increase in revenue to $2,144 million and a massive 71% lift in EBITDA to $580 million. This is being driven by strong demand for COVID-19 testing services and decent performances across the rest of the business.

Morgan Stanley is very positive on the company. Earlier this week, it put an overweight rating and $40.10 price target on its shares.

The broker expects a big dividend this year of ~$2.13 per share, which represents a 5.9% dividend yield. Though, it is worth noting that it is forecasting this dividend to reduce back to more normal levels of ~$1.23 per share in FY 2022. Based on the current Sonic share price, this will be a 3.4% yield.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET. The Motley Fool Australia has recommended Sonic Healthcare Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post 2 of the best ASX dividend shares to buy today appeared first on The Motley Fool Australia.

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