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Analysts expect Constellation Brands, Inc. (NYSE: STZ ) to report third-quarter earnings of $3.32 per share before the opening bell, on Thursday, Jan. 9.

That’s up from $3.19 per share in the year-ago period.

The Rochester, New York-based company projects quarterly revenue of $2.54 billion, compared to $2.47 billion a year earlier, according to data from Benzinga Pro .

On Dec. 3, Constellation Brands reached an agreement with global spirits company Sazerac, to divest its Svedka brand.

With the recent buzz around Constellation Brands, some investors may be eyeing potential gains from the company's dividends, too. As of now, Constellation Brands offers an annual dividend yield of 1.82%, which is a quarterly dividend amount of $1.01 per share ($4.04 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 $329,551 or around 1,485 shares. For a more modest $100 per month or $1,200 per year, you would need $65,910 or around 297 shares .

View more earnings on STZ

To calculate: Divide the desired annual income ($6,000 or $1,200) by the dividend ($4.04 in this case). So, $6,000 / $4.04 = 1,485 ($500 per month), and $1,200 / $4.04 = 297 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.

STZ Price Action: Shares of Constellation fell 0.3% to close at $221.92 on Friday.

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