Conagra Brands, Inc. (NYSE:CAG) will release its third-quarter earnings results before the opening bell on Thursday, April 3.

Analysts expect the Chicago-based company to report quarterly earnings at 53 cents per share, down from 69 cents per share in the year-ago period. According to data from Benzinga Pro, Conagra projects quarterly revenue at $2.9 billion, compared to $3.03 billion a year earlier.

Conagra Brands announced on Tuesday that it’s teaming up with Bloom Energy Corp (NYSE:BE) to integrate advanced fuel cell technology at two of its Ohio manufacturing plants.

With the recent buzz around Conagra Brands, some investors may be eyeing potential gains from the company's dividends, too. Conagra Brands currently offers an annual dividend yield of 5.26% and a quarterly dividend of 35 cents per share ($1.40 a year).  

So, how can investors exploit its dividend yield to pocket a regular $500 monthly?

To earn $500 per month or $6,000 annually from dividends alone, you would need an investment of approximately $114,008 or around 4,286 shares. For a more modest $100 per month or $1,200 per year, you would need $22,796 or around 857 shares.

To calculate: Divide the desired annual income ($6,000 or $1,200) by the dividend ($1.40 in this case). So, $6,000 / $1.40 = 4,286 ($500 per month), and $1,200 / $1.40 = 857 shares ($100 per month).

Note that dividend yield can change on a rolling basis as the dividend payment and stock price fluctuate over time.

How that works: The dividend yield is computed by dividing the annual dividend payment by the stock’s current price.

For example, if a stock pays an annual dividend of $2 and is currently priced at $50, the dividend yield would be 4% ($2/$50). However, if the stock price increases to $60, the dividend yield drops to 3.33% ($2/$60). Conversely, if the stock price falls to $40, the dividend yield rises to 5% ($2/$40).

Similarly, changes in the dividend payment can impact the yield. If a company increases its dividend, the yield will also increase, provided the stock price stays the same. Conversely, if the dividend payment decreases, so will the yield.

CAG Price Action: Shares of Conagra fell 0.3% to close at $26.60 on Tuesday.

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