Shares of Micron Technology, Inc. (NASDAQ:MU) settled lower on Monday after climbing higher the previous week.

On Sept. 25, Micron reported fourth-quarter revenue of $7.75 billion, beating the consensus estimate of $7.635 billion. The company reported fourth-quarter adjusted earnings of $1.18 per share, beating analyst estimates of $1.13 per share, according to Benzinga Pro.

With the recent buzz around Micron, some investors may be eyeing potential gains from the company's dividends too. Micron currently offers an annual dividend yield of 0.44%, which is a quarterly dividend amount of 11.5 cents per share (46 cents a year).

To figure out how to earn $500 monthly from Micron, we start with the yearly target of $6,000 ($500 x 12 months).

Next, we take this amount and divide it by Micron's $0.46 dividend: $6,000 / $0.46 = 13,043 shares

So, an investor would need to own approximately $1,352,689 worth of Micron, or 13,043 shares, to generate a monthly dividend income of $500.

Assuming a more conservative goal of $100 monthly ($1,200 annually), we do the same calculation: $1,200 / $0.46 = 2,609 shares, or $270,579, to generate a monthly dividend income of $100.

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

The dividend yield is calculated by dividing the annual dividend payment by the current stock price. As the stock price changes, the dividend yield will also change.

For example, if a stock pays an annual dividend of $2 and its current price is $50, its dividend yield would be 4%. However, if the stock price increases to $60, the dividend yield would decrease to 3.33% ($2/$60).

Conversely, if the stock price decreases to $40, the dividend yield would increase to 5% ($2/$40).

Further, the dividend payment itself can also change over time, which can also impact the dividend yield. If a company increases its dividend payment, the dividend yield will increase even if the stock price remains the same. Similarly, if a company decreases its dividend payment, the dividend yield will decrease.

MU Price Action: Shares of Micron fell by 3.5% to close at $103.71 on Monday.

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