PepsiCo, Inc. (NASDAQ:PEP) will release earnings results for its third quarter, before the opening bell on Tuesday, Oct. 8.

Analysts expect the Purchase, New York-based company to report quarterly earnings at $2.29 per share, up from $2.25 per share in the year-ago period. PepsiCo is projected to report revenue of $23.82 billion, up from $23.45 billion, according to data from Benzinga Pro.

Some investors may be eyeing potential gains from PepsiCo's dividends. The company currently offers an annual dividend yield of 3.23%. That's a quarterly dividend amount of $1.3550 per share ($5.42 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 $185,943 or around 1,107 shares. For a more modest $100 per month or $1,200 per year, you would need $37,121 or around 221 shares.

To calculate: Divide the desired annual income ($6,000 or $1,200) by the dividend ($5.42 in this case). So, $6,000 / $5.42 = 1,107 ($500 per month), and $1,200 / $5.42 = 221 shares ($100 per month).

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

Price Action: Shares of PepsiCo fell 0.3% to close at $167.97 on Friday.

On Oct. 4, RBC Capital analyst Nik Modi maintained PepsiCo with a Sector Perform and lowered the price target from $177 to $176.

Barclays analyst Lauren Lieberman cut the price target from $187 to $186.

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