Income investors have a lot of options on the Australian share market. As a result, it can be difficult to decide which ASX 200 dividend shares to buy above others.
But don't worry, listed below are three options that are rated highly by analysts. They are as follows:
The first ASX 200 dividend share for investors to look at is APA Group. It is an energy infrastructure company that has 15,000 kilometres of natural gas pipelines connecting sources of supply and markets across mainland Australia.
At the last count, it was operating and maintaining networks connecting 1.4 million Australian homes and businesses to natural gas.
This sprawling network has underpinned growing earnings and dividends for almost two decades. And the good news is that Macquarie believes this will continue.
The broker is forecasting further dividend increases in FY 2024 and FY 2025. It is expecting dividends per share of 56 cents in FY 2024 and then 57.5 cents in FY 2025. Based on the current APA Group share price of $8.35, this equates to 6.7% and 6.9% dividend yields, respectively.
Macquarie currently has an outperform rating and a $9.40 price target on its shares.
Over at Morgans, its analysts see a lot of value in Coles shares and think it could be an ASX 200 dividend share to buy. Particularly given how its shares are trading well short of their 52-week high.
The broker recently stated its belief that "the stock is looking more attractive following the recent pullback in the share price."
This weakness also means that the dividend yield on offer with its shares is more attractive now. The broker is forecasting fully franked dividends of 66 cents per share in FY 2024 and then 69 cents per share in FY 2025. Based on the current Coles share price of $16.05, this implies yields of 4.1% and 4.3%, respectively.
Morgans currently has put an add rating and $18.70 price target on its shares.
A final ASX 200 dividend share that could be a buy is Super Retail.
That's the view of analysts at Goldman Sachs, who are feeling very positive about the owner of retail brands BCF, Macpac, Rebel, and Super Cheap Auto.
As for income, the broker is expecting these brands to allow the company to pay fully franked dividends per share of 67 cents in FY 2024 and then 73 cents in FY 2025. Based on the latest Super Retail share price of $14.56, this will mean good yields of 4.6% and 5%, respectively.
Goldman Sachs currently has a buy rating and a $17.80 price target on its shares.