Medtronic plc (NYSE:MDT) will release earnings for its third quarter before the opening bell on Tuesday, Feb. 17.

Analysts expect the company to report quarterly earnings of $1.34 per share. That’s down from $1.39 per share in the year-ago period. The consensus estimate for Medtronic's quarterly revenue is $8.9 billion (it reported $8.29 billion last year), according to Benzinga Pro. Needham analyst Mike Matson upgraded Medtronic from Hold to Buy on Monday and set a $121 price target.

Medtronic investors may be eyeing potential gains from the company's dividends. Currently, the company has an annual dividend yield of 2.82%, which is a quarterly dividend amount of 71 cents per share ($2.84 a year).  

So, how can investors exploit its dividend yield to pocket a regular $500 monthly?

To earn $500 per ...