Ahead of Methode Electronics, Inc. (NYSE:MEI) fourth-quarter report on Wednesday, June 24, some investors may be eyeing potential gains from the company's dividends.

Currently, its annual dividend yield is 1.73%, with a quarterly dividend of 5 cents per share (20 cents per year).

To figure out how to earn $500 monthly from Methode Electronics, start with the yearly target of $6,000 ($500 x 12 months).

Next, divide this amount by Methode Electronics' $0.20 dividend: $6,000 / $0.20 = 30,000 shares.

So, an investor would need to own approximately $347,100 worth of Methode Electronics, or 30,000 shares to generate a monthly dividend income of $500.

Assuming a more conservative goal of $100 monthly ($1,200 annually), we do the same calculation: $1,200 / $0.20 = 6,000 shares, or $69,420 to generate a monthly dividend income of $100.

Note that the dividend ...