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Exploring ASX Dividend Stocks In June 2024

In recent trading, the ASX200 saw a modest uptick of 0.4%, buoyed slightly by Australia's latest GDP figures which showed a minimal growth of 0.1%—the slowest in over a year. While the telecommunications sector led gains, materials lagged behind, shedding value amidst fluctuating global commodity prices. In this context, understanding what constitutes a robust dividend stock becomes crucial, particularly in an environment marked by economic sluggishness and sector-specific volatility.

Top 10 Dividend Stocks In Australia

Name

Dividend Yield

Dividend Rating

Lindsay Australia (ASX:LAU)

6.70%

★★★★★☆

Fiducian Group (ASX:FID)

3.96%

★★★★★☆

Nick Scali (ASX:NCK)

5.09%

★★★★★☆

Centuria Capital Group (ASX:CNI)

6.69%

★★★★★☆

Charter Hall Group (ASX:CHC)

3.53%

★★★★★☆

Eagers Automotive (ASX:APE)

7.32%

★★★★★☆

Premier Investments (ASX:PMV)

4.68%

★★★★★☆

Fortescue (ASX:FMG)

8.32%

★★★★★☆

Diversified United Investment (ASX:DUI)

3.16%

★★★★★☆

Ricegrowers (ASX:SGLLV)

7.57%

★★★★☆☆

Click here to see the full list of 27 stocks from our Top ASX Dividend Stocks screener.

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We're going to check out a few of the best picks from our screener tool.

Accent Group

Simply Wall St Dividend Rating: ★★★★☆☆

Overview: Accent Group Limited operates in the retail, distribution, and franchise of lifestyle footwear, as well as apparel and accessories in Australia and New Zealand, with a market capitalization of approximately A$1.09 billion.

Operations: Accent Group Limited generates revenue primarily through its multi-channel retail operations, which focus on performance and lifestyle footwear, totaling approximately A$1.40 billion.

Dividend Yield: 7.2%

Accent Group's dividend yield of 7.22% ranks in the top 25% of Australian dividend payers, suggesting an attractive return for income-focused investors. However, the dividends have shown volatility and unreliability over the past decade, with significant annual fluctuations exceeding 20%. Furthermore, a high payout ratio of 107.2% indicates that these dividends are not well-supported by earnings, raising concerns about sustainability despite a more manageable cash payout ratio of 39%.

ASX:AX1 Dividend History as at Jun 2024
ASX:AX1 Dividend History as at Jun 2024

Centuria Capital Group

Simply Wall St Dividend Rating: ★★★★★☆

Overview: Centuria Capital Group is an investment manager that markets and manages investment products primarily in Australia, with a market capitalization of approximately A$1.43 billion.

Operations: Centuria Capital Group generates revenue through various segments, including Development (A$40.07 million), Benefit Funds (A$10.35 million), Co-Investments (A$53.33 million), Non-Operating Items (A$51.53 million), Property Funds Management (A$178.53 million), Investment Bonds Management (A$9.79 million), and Property and Development Finance (A$17.46 million).

Dividend Yield: 6.7%

Centuria Capital Group offers a dividend yield of 6.69%, placing it among the top 25% of Australian dividend payers. Despite this, its dividends have shown volatility over the past decade with occasional significant drops. The company's dividends are currently supported by earnings and cash flows, with payout ratios at 76.1% and 73.5%, respectively. However, shareholders have experienced dilution in the past year, and profit margins have decreased from 6.5% to 3.1%.

ASX:CNI Dividend History as at Jun 2024
ASX:CNI Dividend History as at Jun 2024

Diversified United Investment

Simply Wall St Dividend Rating: ★★★★★☆

Overview: Diversified United Investment Limited is a publicly owned investment manager with a market capitalization of approximately A$1.10 billion.

Operations: Diversified United Investment Limited generates its revenue primarily through its operations as an investment company, totaling A$51.05 million.

Dividend Yield: 3.2%

Diversified United Investment maintains a consistent dividend track record, with a modest yield of 3.16%. Over the past decade, dividends have not only been stable but also exhibited growth. Currently, both earnings and cash flows adequately cover the payouts, with payout ratios standing at 87.8% and 87.9%, respectively. However, its yield is below the top quartile of Australian dividend stocks which averages at 6.52%.

ASX:DUI Dividend History as at Jun 2024
ASX:DUI Dividend History as at Jun 2024

Key Takeaways

  • Get an in-depth perspective on all 27 Top ASX Dividend Stocks by using our screener here.

  • Hold shares in these firms? Setup your portfolio in Simply Wall St to seamlessly track your investments and receive personalized updates on your portfolio's performance.

  • Join a community of smart investors by using Simply Wall St. It's free and delivers expert-level analysis on worldwide markets.

Contemplating Other Strategies?

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include ASX:AX1 ASX:CNI and ASX:DUI.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com