The Best ASX Dividend Stocks to Watch

Roberto Rivero

The Australian Securities Exchange (ASX) is home to thousands of stocks, many of which are generous dividend payers. In this article, we will take a look at some of the best ASX dividend stocks to watch in 2024 and demonstrate how to invest in Australian dividend stocks!

The Best ASX Dividend Stocks to Watch

So, of all the dividend paying stocks listed on the ASX, what are the best ASX dividend stocks to watch in 2024? In the following sections, we will examine 5 top Australian dividend stocks.

BHP Group

BHP Group is the largest company in Australia and the largest mining company in the world by market capitalisation.

Although BHP has a long history of consistently returning cash to shareholders in the form of dividends, the amount it pays can vary from one year to the next as its dividend policy means that distributions are linked to performance.

Mining is a cyclical industry. When commodity prices are high, miners generate more revenue, with the opposite also being true. BHP’s policy on dividends is to maintain a minimum 50% payout of underlying attributable profit at every reporting period. Consequently, BHP’s dividends can fluctuate depending on how the company performs.

BHP produces a number of commodities including iron ore, copper and coal. Despite being a well-diversified miner, iron ore is responsible for the largest chunk of BHP’s revenue, accounting for almost 50% in the year ended 30 June 2023.

At the turn of the year, iron ore prices are at high levels historically, having risen more than 20% in the last five months of 2023. Despite a dip at the start of the year, some analysts are predicting that the iron ore sector will continue to perform strongly in 2024.

If iron ore prices remain at high levels, this is likely to be reflected in BHP’s performance this year which, in turn, could translate to a decent dividend. Of course, on the other hand, if iron ore prices fall, this is likely to translate into a poor performance for BHP. At the time of writing, the miner has a 12-month trailing dividend yield of 5.48%.

ANZ Group Holdings

The Australia and New Zealand Banking Group (ANZ) is one of the biggest bank stocks in Australia and is another of the ASX dividend stocks to watch in 2024.

As competition heats up amongst Australian banks for both deposits and home loans, ANZ’s institutional banking division, which is larger than that of its competitors, could give it an edge in 2024 and allow it to continue its impressive, long track record of paying dividends.

Although ANZ has a long history of paying dividends, in the wake of the Covid-19 pandemic in 2020, dividends were slashed considerably. Nevertheless, dividends have increased in each of the following three years and, at the time of writing, the shares have a dividend yield of 6.76%.

APA Group

APA Group owns and operates natural gas and electricity assets throughout Australia, including pipelines which transports around a half of the country’s natural gas.

Regardless of what is happening in the wider economy, people need energy, and this means that companies such as APA Group, who provide energy infrastructure, tend to be able to rely on consistent revenue.

This kind of steady revenue is often something that dividend investors seek when choosing stocks, as it can translate into reliable dividend payments. Indeed, APA Group has increased its annual dividend every year more than 20 years, and currently has an impressive dividend yield of 6.62%.

However, it should be noted that this high yield is partly due to a poor share price performance in the second half of 2023.

Suncorp Group

Suncorp Group is a leading Australian insurance company, which is another industry that tends to perform consistently throughout all stages of the economic cycle. Simply put, if people need insurance, they will tend to pay for it, regardless of the prevailing economic conditions.

Furthermore, insurance companies could stand to benefit from the current high interest rate environment, as they are able to earn more income from the large percentage of “safe” debt which they are obliged to hold in order to back their policies.

As with the other Australian dividend stocks on this list, Suncorp Group has a long history of paying dividends to shareholders and, currently, has a dividend yield of 4.38%.

Telstra Corporation

Telstra is the largest telecommunication company in Australia, operating in a number of segments, including providing mobile and internet services for both households and businesses.

This is another ASX dividend stock which operates in a defensive industry. In an economic downturn, neither households nor businesses are likely to cancel internet plans unless they are compelled to. Other, less essential, goods and services are likely to bear the consequences of cost cutting beforehand.

Subsequently, Telstra should be able to rely on fairly consistent income, something which was evident during the Covid-19 pandemic. Whilst share price has been somewhat volatile over the years, Telstra has a long history of paying dividends to shareholders, and currently has a dividend yield of 4.27%.

How to Invest in Top Australian Dividend Stocks

With an investing account from Admirals, you can buy shares in the top Australian dividend stocks highlighted in this article. Follow these steps in order to get started:

  1. Register for an Invest.MT5 account and log in to the Dashboard.
  2. Open the web trading terminal.
  3. Search for an ASX dividend stock and click the symbol to open a price chart.
  4. Click ‘Create New Order’, enter the number of ASX dividend shares you want and press ‘Buy’.
Depicted: Admirals MetaTrader WebTraderANZ Group H1 Chart. Date Captured: 22 January 2024. Past performance is not a reliable indicator of future results.

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What are the best ASX dividend stocks?

The Australian Securities Exchange is home to many dividend paying stocks, which of these are the “best” is subjective and will differ depending on each individual investor and their investment goals.

When looking for the best ASX dividend stocks, it is recommendable to look beyond a company’s dividend yield and consider other factors. Does the company have a history of paying dividends? Is it in good financial health? Does it operate in an industry which will allow it to continue paying dividends in the future?

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  • The Analysis is prepared by an independent analyst Roberto Rivero, Freelance Contributor (hereinafter "Author") based on personal estimations.
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