ASX Shares to Buy Today: 10 Leading Australian Blue-Chips Worth Your Attention

The Australian stock market presents compelling opportunities for investors seeking exposure to quality companies with solid fundamentals. We’ve analyzed the top performers across the ASX 200, identifying 10 dominant blue-chip stocks that deserve closer scrutiny. These holdings span energy, finance, mining, and retail sectors, each demonstrating distinct competitive advantages and growth trajectories.

The ASX Big Four Banks: A Closer Look

Australia’s banking sector remains a cornerstone of the ASX market, with four major players controlling significant market share.

Commonwealth Bank of Australia (ASX: CBA) commands the largest banking valuation at AU$168.40 billion as of April 17. CBA reported H1 cash net profit after tax of AU$6.73 billion with operating income reaching AU$17.69 billion—a 19% jump in net interest income YoY. The interim dividend climbed to AU$2.73 per share, up AU$0.46 from the prior year period. Trading at a P/E ratio of 17.33x, the stock faces mixed analyst sentiment with a consensus price target of AU$91.14, suggesting an 8% downside from current levels.

National Australia Bank Limited (ASX: NAB), with a market cap of AU$89.99 billion, reported full-year 2022 revenue of AU$18.4 billion (up 8.9% YoY) and net income of AU$7.06 billion (up 9.4% YoY). EPS improved from AU$1.96 to AU$2.19, while the bank maintained a robust 5.55% dividend yield through its fully franked final dividend of AU$0.78 per share. Wall Street consensus rates NAB as a ‘Hold’ with a AU$30.26 price target.

Westpac Banking Corporation (ASX: WBC) offers an attractive fully-franked dividend yield of 5.65%, though shares remain 23.5% below five-year peaks. Despite FY2022 revenue declining 12% to AU$19.3 billion, net income grew 4.3% to AU$5.69 billion with a 30% profit margin. EPS exceeded expectations at AU$1.60. ASX broker Morgans projects a AU$34.69 target with approximately 17% upside potential.

ANZ Group Holdings Limited (ASX: ANZ), capitalized at AU$72.71 billion, posted a 9.3% revenue increase to AU$19.7 billion and 16% net income growth to AU$7.14 billion in full-year 2022 results. The company’s 36% profit margin and AU$2.51 EPS represent solid underlying performance. Citi rates the stock as a ‘Buy’ with a AU$38.86 price target, forecasting fully franked dividends of AU$2.23 per share in FY2023 and AU$2.37 in FY2024, translating to yields of 7.1% and 7.6% respectively.

Mining and Resources: Commodity Exposure

BHP Group Limited (ASX: BHP), trading at a market cap of AU$312.91 billion, stands as the ASX’s largest by valuation. This diversified metals and mining producer generates revenue from iron ore, copper, nickel, coal, potash, and petroleum assets. With a lean P/E multiple of 8.72x, BHP offers an attractive entry point. The company boasts a three-year revenue growth rate of 14.2% and net margin near 46%. A critical dividend supporter—BHP has maintained quarterly distributions for 13 consecutive years at AU$4.74 per share—currently yielding 8.43%. CLSA upgraded the stock to ‘Outperform’ in April with a AU$46.50 price target.

Fortescue Metals Group Limited (ASX: FMG), valued at AU$69.31 billion, positions itself as the world’s lowest-cost iron ore producer while transitioning toward green energy through Fortescue Future Industries. FFI targets high-growth segments including green hydrogen, green ammonia, and battery technology, with projects spanning the US, Norway, Queensland, and Kenya. The company declared a fully franked interim dividend of A$0.75 per share, reflecting shareholder commitment despite reported EPS missing estimates by 9.8%.

Specialty Healthcare and Diversified Financials

CSL Limited (ASX: CSL) captures a AU$145.61 billion market valuation through its specialized plasma-based therapies, vaccines, and pharmaceutical products operating across 30+ countries. H1 FY23 results showcased a 19% revenue jump to AU$9.68 billion with an unfranked interim dividend of AU$1.44 per share. Wall Street consensus rates CSL as a ‘Strong Buy’ with an average 12-month price target of AU$335.86, indicating 11.5% upside from current trading levels.

Macquarie Group Limited (ASX: MQG), with AU$70.59 billion in market capitalization, operates as a diversified global financial services powerhouse across 33 markets. First-half 2023 net profit reached AU$2,305 million (up 13% YoY), with an interim dividend of AU$3.00 per share representing a 50% payout ratio. The company maintains a robust AU$12.2 billion group capital surplus, positioning it well above regulatory minimums. Despite recent share price volatility from global banking turmoil, MQG’s diversified revenue streams and strong capital position support long-term earnings growth. Consensus analyst ratings stand at ‘Strong Buy’.

Energy and Retail Powerhouses

Woodside Energy Group Ltd (ASX: WDS), capitalized at AU$65.94 billion, achieved spectacular 2022 results with NPAT surging 228% to AU$8,740 million and operating revenue climbing 142% to AU$22,591 million. Operating cash flow jumped 132% to AU$11,841 million. The company ended the year with AU$8,325 million cash and AU$13,776 million liquidity. Following BHP’s petroleum business merger and progress on Scarborough and Sangomar projects, WDS declared a fully-franked final dividend of AU193.60 cents per share, culminating in a full-year distribution of AU340.08 cents per share representing AU$6,465 million total. Current dividend yield exceeds 10.79%, with Citi forecasting yields of 7.7%, 7.5%, and 6.5% for the next three financial years.

Wesfarmers Limited (ASX: WES) rounds out the top 10 with a AU$59.07 billion valuation. The conglomerate owns Bunnings, the leading home improvement retailer operating 507 locations with over 110,000 products. H1 2022 revenues reached AU$22.558 billion with free cash flow of AU$1.365 billion. Full-year 2022 brought a final dividend of AU$1.93 per share, totaling AU$3.40 for the year with a current dividend yield of 6.3%. Wesfarmers’ diversified operations and capacity for new investments make it a compelling consideration despite valuations normalizing from previous lows.

Key Considerations for ASX Investors

Before committing capital to any ASX shares, conduct thorough due diligence: educate yourself on valuation metrics and financial analysis; develop a written investment plan aligned with your risk tolerance and time horizon; build portfolio diversification across sectors and company sizes to mitigate concentration risk; analyze company financials, management quality, industry trends, and competitive positioning; maintain discipline and avoid emotional decision-making during market volatility; and consider professional guidance if navigating markets for the first time.

The Australian stock market offers genuine diversification and dividend income, particularly through its established banks and resource exporters. However, all equity investments carry risk. Success requires thorough research, patient capital, and a long-term perspective to capture the full potential of quality ASX shares to buy today.