ASX Dividend Stocks To Boost Your Portfolio

In the last week, the Australian market has stayed flat, with notable gains in the Information Technology sector at 11%. Over the past year, the market is up 12%, and earnings are forecast to grow by 14% annually. In this stable yet promising environment, identifying strong dividend stocks can provide a reliable income stream and potential for growth.

Top 10 Dividend Stocks In Australia

Name	Dividend Yield	Dividend Rating
Collins Foods (ASX:CKF)	3.66%	★★★★★☆
Fiducian Group (ASX:FID)	4.51%	★★★★★☆
Nick Scali (ASX:NCK)	4.21%	★★★★★☆
MFF Capital Investments (ASX:MFF)	3.66%	★★★★★☆
National Storage REIT (ASX:NSR)	4.60%	★★★★★☆
GrainCorp (ASX:GNC)	6.41%	★★★★★☆
Premier Investments (ASX:PMV)	3.84%	★★★★★☆
New Hope (ASX:NHC)	9.03%	★★★★☆☆
Ricegrowers (ASX:SGLLV)	6.55%	★★★★☆☆
Macquarie Group (ASX:MQG)	3.03%	★★★★☆☆

Click here to see the full list of 33 stocks from our Top ASX Dividend Stocks screener.

Below we spotlight a couple of our favorites from our exclusive screener.

Premier Investments (ASX:PMV)

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

Overview: Premier Investments Limited operates various specialty retail fashion chains in Australia, New Zealand, Asia, and Europe with a market cap of A$5.66 billion.

Operations: Premier Investments Limited generates revenue from its retail segment, amounting to A$1.63 billion, and its investment segment, which contributes A$217.83 million.

Dividend Yield: 3.8%

Premier Investments' dividends are covered by earnings (71.5% payout ratio) and cash flows (55% cash payout ratio). The company has delivered reliable and growing dividend payments over the past 10 years, with stable dividends per share. However, its 3.84% dividend yield is lower than the top 25% of Australian dividend payers. Trading at 36% below estimated fair value, Premier Investments offers a dependable but not top-tier yield for dividend investors.

• Dive into the specifics of Premier Investments here with our thorough dividend report.
• Upon reviewing our latest valuation report, Premier Investments' share price might be too pessimistic.

Shaver Shop Group (ASX:SSG)

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

Overview: Shaver Shop Group Limited (ASX:SSG) is a retailer of personal care and grooming products operating in Australia and New Zealand, with a market cap of A$157.21 million.

Operations: Shaver Shop Group Limited generates revenue primarily through retail store sales of specialist personal grooming products, amounting to A$219.66 million.

Dividend Yield: 8.2%

Shaver Shop Group's dividend yield (8.23%) ranks in the top 25% of Australian dividend payers, with payments covered by earnings (83.6% payout ratio) and cash flows (52.9% cash payout ratio). Despite a volatile eight-year dividend track record, recent earnings showed a decline: sales fell to A$219.4 million from A$224.5 million, and net income dropped to A$15.1 million from A$16.8 million year-over-year, indicating potential challenges ahead for maintaining dividends at current levels.

• Click to explore a detailed breakdown of our findings in Shaver Shop Group's dividend report.
• According our valuation report, there's an indication that Shaver Shop Group's share price might be on the cheaper side.

Southern Cross Electrical Engineering (ASX:SXE)

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

Overview: Southern Cross Electrical Engineering Limited, with a market cap of A$513.49 million, offers electrical, instrumentation, communication, and maintenance services in Australia.

Operations: Southern Cross Electrical Engineering Limited generates A$551.87 million from its electrical services segment in Australia.

Dividend Yield: 3.1%

Southern Cross Electrical Engineering announced a dividend of A$0.05 per share for the six months ended June 30, 2024. The company's dividends are covered by earnings (72% payout ratio) and cash flows (46.7% cash payout ratio). While earnings grew to A$21.92 million from A$20.09 million year-over-year, the dividend yield of 3.08% is low compared to top Australian payers and has been volatile over the past decade, indicating some inconsistency in payouts.

• Navigate through the intricacies of Southern Cross Electrical Engineering with our comprehensive dividend report here.
• Our comprehensive valuation report raises the possibility that Southern Cross Electrical Engineering is priced higher than what may be justified by its financials.

Where To Now?

• Unlock more gems! Our Top ASX Dividend Stocks screener has unearthed 30 more companies for you to explore.Click here to unveil our expertly curated list of 33 Top ASX Dividend Stocks.
• Are these companies part of your investment strategy? Use Simply Wall St to consolidate your holdings into a portfolio and gain insights with our comprehensive analysis tools.
• Elevate your portfolio with Simply Wall St, the ultimate app for investors seeking global market coverage.

Ready For A Different Approach?

• Explore high-performing small cap companies that haven't yet garnered significant analyst attention.
• Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
• Find companies with promising cash flow potential yet trading below their fair value.

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.

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