Not all Australian dividend stocks have risen with the market over the past 12 months.

For example, the ASX share in this article has lost almost 30% of its value since this time last year and trades within sight of a 52-week low.

As a comparison, the ASX 200 index has raced over 12% higher during the same period and sits within reach of a record high.

One leading broker believes this could have created a very attractive buying opportunity for investors.

Which Australian dividend stock?

The stock in question is NIB Holdings Limited (ASX: NHF).

It is a leading provider of health and medical insurance to over 1.6 million Australian and New Zealand residents. It also provides health insurance to around 200,000 international students and workers in Australia.

In addition, the company is a top three Australian travel insurer and global distributor of travel insurance through its business, nib Travel, providing financial protection and assurance to travellers wherever they are in the world.

What is the broker saying?

A recent note out of Goldman Sachs reveals that its analysts think NIB is an Australian dividend stock to buy.

According to the note, the broker has put a buy rating and $6.50 price target on its shares. Based on its current share price of $5.52, this implies potential upside of approximately 18% for investors over the next 12 months.

As for that all-important income, Goldman believes that NIB will be paying a growing stream of fully franked dividends. It has pencilled in dividends of 26 cents per share in FY 2025, 30 cents per share in FY 2026, and then 33 cents per share in FY 2027.

This equates to dividend yields of 4.7%, 5.4%, and 6%, respectively, for income investors.

Commenting on the Australian dividend stock, the broker said:

NHF is a private health insurer with operations across Australian residents health insurance, New Zealand health insurance, International health insurance and Travel. We are Buy-rated on NHF given: 1) It offers defensive exposure to the private health insurance sector 2) The claims environment (utilisation / inflation) is generally manageable albeit until recently 3) NHF policyholder growth has been better than industry, 4) Expense buffers available to support margins and 5) Strong approved rate increases.

Key downside risks include: 1) Lower-than-expected premium rate increases impacting margins, 2) Return of claims inflation through normalizing utilisation and broader catchup on claims, 3) Higher management expenses in an inflationary environment.