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Date : 10/01/2024

Exploring Top ASX Dividend Stocks For January 2024

ASX dividend stocks hold a special place, particularly for those who prioritize consistent income and potential growth. Dividend stocks, known for their regular payouts from company profits, are a key focus for many investors. This article will guide you through an insightful exploration of three promising ASX dividend stocks: Baby Bunting Group Ltd, Orora Ltd, and Universal Store Holdings Ltd. We shall delve into the unique aspects of each company and analyze the perspectives of market analysts, providing a comprehensive view of their potential as investment choices.

Baby Bunting Group Ltd (ASX: BBN)

Baby Bunting Group Ltd (ASX: BBN), a front-runner in the baby products retail sector, has been identified as a potential ASX dividend stock to consider. Financial analysts at Morgans are optimistic about the company’s future, especially after its recovery from a challenging phase. They anticipate a resurgence in growth for Baby Bunting.

Morgans predicts that Baby Bunting will offer fully franked dividends of 9.5 cents per share in the financial year (FY) 2024, followed by an increase to 12.4 cents in the same year. With the company’s share price standing at $1.9, these dividends translate to yields of 5% and 6.5%, respectively. The optimism extends to Morgans setting a target price for Baby Bunting’s shares at $2.50, coupled with an add rating.

Baby Bunting Group Limited Stocks

Orora Ltd (ASX: ORA)

Next on our list is Orora Ltd (ASX: ORA), a company specializing in packaging solutions. Goldman Sachs, a notable name in the financial sector, recommends Orora’s shares for income-focused investors. The firm appreciates Orora’s stable base business and is enthusiastic about the ongoing growth of capital investments in its Australasian operations.

Goldman Sachs forecasts consistent dividends from Orora, expecting 13 cents per share for FY 2024 through FY 2026. Given Orora’s current share price of $2.60, this projection implies a steady 5% yield annually. Goldman Sachs maintains a buy rating on Orora’s shares, setting a target price of $3.55.

Orora Limited ASX Stocks

Universal Store Holdings Ltd (ASX: UNI)

Last but not least is Universal Store Holdings Ltd (ASX: UNI), a company catering to the youth fashion market. Morgans see this retailer as a top pick among ASX dividend stocks, citing its promising medium-term growth outlook and current undervaluation.

The brokerage firm forecasts appealing dividend yields for Universal Store. It expects fully franked dividends of 26 cents per share in FY 2024, escalating to 29 cents in FY 2025. With the share price at $4.20, these dividends suggest yields of 6.2% and 7.1% for the respective years. Reflecting their confidence, Morgans sets a target price of $4.55 for Universal Store’s shares and gives an add rating.

Universal Store Holdings Limited Stocks

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