2 strong ASX dividend shares tipped as buys

These dividend shares are rated highly. Here’s why…
The post 2 strong ASX dividend shares tipped as buys appeared first on The Motley Fool Australia. –

Are you looking for some quality ASX dividend shares to add to your income portfolio?

Then you might want to look at the ones listed below. Here’s what you need to know about these dividend shares:

Accent Group Ltd (ASX: AX1)

The first dividend share to look at is Accent. It is a retail group with a collection of popular footwear-focused store brands. These include stores such as HYPEDC, Platypus, Sneaker Lab, Stylerunner, and The Athlete’s Foot. In addition to this, the company recently acquired Glue Store and launched a new brand called 4 Workers. The latter is targeting the niche but lucrative workwear market. This includes clothing and footwear for tradies.

Accent has been growing at a solid rate for years and has been tipped to continue doing so in the future. This is thanks to the popularity of its brands and its store expansion plans.

Bell Potter is very positive on its outlook. It currently has a buy rating and $3.30 price target on its shares. The broker is forecasting dividends of 11.7 cents per share in FY 2021 and 12.3 cents per share in FY 2022. Based on the latest Accent share price of $2.78, this represents fully franked yields of 4.2% and 4.4%, respectively.

Transurban Group (ASX: TCL)

Another ASX dividend share to look at is Transurban. It is a toll road operator with a portfolio of important roads throughout Australia and North America. And while traffic has been soft on its roads during the pandemic, it is starting to bounce back. Pleasingly, as traffic levels recover, so too will its distributions.

It is because of this that analysts at Ord Minnett are forecasting dividends per share of 37 cents in FY 2021 and then 58 cents in FY 2022. Based on the current Transurban share price of $14.46, this will mean yields of 2.6% and 4% over the next two years. Ord Minnett has an outperform rating and $16.00 price target on its shares.

The post 2 strong ASX dividend shares tipped as buys appeared first on The Motley Fool Australia.

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More reading

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Accent Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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