Best Buy Co., Inc. (NYSE:BBY) will release earnings results for its third quarter, before the opening bell on Tuesday, Nov. 26.

Analysts expect the Richfield, Minnesota-based bank to report quarterly earnings at $1.29 per share, compared to $1.29 per share in the year-ago period. Best Buy projects to report revenue of $9.63 billion for the recent quarter, compared to $9.76 billion a year earlier, according to data from Benzinga Pro.

On Friday, JPMorgan maintained an Overweight rating on the stock and raised its price target from $111 to $117.

With the recent buzz around Best Buy, some investors may be eyeing potential gains from the company's dividends, too. As of now, Best Buy offers an annual dividend yield of 4.20%. That's a quarterly dividend of 94 cents per share ($3.76 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 $142,906 or around 1,596 shares. For a more modest $100 per month or $1,200 per year, you would need $28,563 or around 319 shares.

To calculate: Divide the desired annual income ($6,000 or $1,200) by the dividend ($3.76 in this case). So, $6,000 / $3.76 = 1,596 ($500 per month), and $1,200 / $3.76 = 319 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.

BBY Price Action: Shares of Best Buy gained 3.5% to close at $89.54 on Friday.

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