Searching for an ASX Blue Chip? Check Out Washington H. Soul Pattinson & Co Ltd (ASX:SOL) Share Price

September 10, 2024 03:14 PM AEST | By Team Kalkine Media

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Searching for an ASX Blue Chip? Check Out Washington H. Soul Pattinson & Co Ltd (ASX:SOL) Share Price — Image source: shutterstock

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As we progress through 2024, Washington H. Soul Pattinson & Company Ltd shares have risen by 1.9%, while Telstra Group Ltd is just 3.2% shy of its 52-week high. Both companies are noteworthy for different reasons, with Washington H. Soul Pattinson being a prominent ASX blue-chip stock. They make valuable additions to any ASX investor's watchlist. Here’s why SOL and TLS shares are worth keeping an eye on.

SOL Shares (ASX:SOL)

Founded in 1903, Washington H. Soul Pattinson & Company (WHSP) is one of the oldest investment firms on the ASX, known for its diversified portfolio across various industries. Some of its major holdings include stakes in well-known Australian companies such as TPG Telecom (ASX:TPG), New Hope Group (ASX:NHC), and Brickworks (ASX:BKW).

WHSP’s strategy revolves around delivering long-term capital growth and steadily increasing dividends to shareholders. This philosophy is backed by a remarkable track record, with the company never missing a dividend payment since its listing over a century ago. As a family-run listed investment company (LIC), WHSP’s commitment to its shareholders is deeply aligned, aiming for both growth and stable income.

One useful metric for evaluating WHSP's performance is its dividend yield, which measures the annual dividend payment as a percentage of the share price. Currently, the dividend yield of Washington H. Soul Pattinson shares is around 2.59%, slightly higher than its five-year average of 2.52%. This indicates that SOL shares are trading above their historical average in terms of dividend returns.

Telstra Shares (ASX:TLS)

Telstra Group Ltd has been Australia’s leading telecommunications provider since its founding in 1975. With more than 22.5 million retail mobile accounts in 2023, Telstra's dominance in the Australian telecom market is well established. The company’s business spans mobile, fixed broadband, data, IP services, and digital media, giving it a wide range of revenue streams.

What sets Telstra apart is its extensive network reach, providing coverage to 99.6% of the Australian population. The company is also a leader in 5G technology, covering over 85% of the population with its cutting-edge services. This scale gives Telstra a significant advantage over its competitors, both domestically and abroad, where it operates in over 20 countries.

SOL & TLS: Two Reliable Stocks for Consideration

Both Washington H. Soul Pattinson & Company and Telstra Group have unique strengths. WHSP offers the stability of a diversified investment portfolio, with a long history of delivering consistent capital growth and dividends. On the other hand, Telstra’s dominance in the telecommunications industry, supported by its vast network infrastructure and growing 5G footprint, positions it as a leader in the market.

Whether you’re looking at SOL’s consistent dividend yield or TLS’s expansive telecom services, these two ASX stocks have characteristics that make them worth following.

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