Johnson & Johnson (NYSE:JNJ) will release its second-quarter financial results, before the opening bell on Wednesday, July 17.

Analysts expect the New Brunswick, New Jersey-based company to report quarterly earnings at $2.70 per share, up from $2.56 per share in the year-ago period. Johnson & Johnson is expected to post revenue of $22.29 billion, compared to $25.53 billion a year earlier, according to data from Benzinga Pro.

Emergent BioSolutions Inc (NYSE:EBS), through its subsidiary Emergent Manufacturing Operations Baltimore, recently reached a settlement with Janssen Pharmaceuticals, Inc., a branch of Johnson & Johnson, resolving disputes related to the manufacturing of Johnson & Johnson's investigational COVID-19 vaccine.

With the recent buzz around Johnson & Johnson, some investors may be eyeing potential gains from the company's dividends too. As of now, Johnson & Johnson offers an annual dividend yield of 3.32%, which is a quarterly dividend amount of $1.24 per share ($4.96 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 $180,580 or around 1,210 shares. For a more modest $100 per month or $1,200 per year, you would need $36,116 or around 242 shares.

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To calculate: Divide the desired annual income ($6,000 or $1,200) by the dividend ($4.96 in this case). So, $6,000 / $4.96 = 1,210 ($500 per month), and $1,200 / $4.96 = 242 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.

JNJ Price Action: Shares of Johnson & Johnson fell 0.4% to close at $149.24 on Monday.

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