Home Depot, Inc. (NYSE:HD) is expected to release earnings results for its first quarter, before the opening bell on May 14.

Analysts expect the Atlanta, Georgia-based company to report quarterly earnings at $3.60 per share. That's up from $3.40 per share in the year-ago period. Home Depot is projected to post quarterly revenue of $36.67 billion, according to data from Benzinga Pro.

On April 11, Home Depot said it will continue its relationship with Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) Google Cloud. The two companies have collaborated closely since 2015 on retail technology, both in-store and online.

With the recent buzz around Home Depot, some investors may be eyeing potential gains from the company's dividends. As of now, Home Depot has a dividend yield of 2.59%, which is a quarterly dividend amount of $2.25 a share ($9.00 a year).

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

Next, we take this amount and divide it by Home Depot's $9.00 dividend: $6,000 / $9.00 = 667 shares

So, an investor would need to own approximately $231,742 worth of Home Depot, or 667 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 / $9.00 = 133 shares, or $46,210 to generate a monthly dividend income of $100.

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Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price both fluctuate over time.

The dividend yield is calculated by dividing the annual dividend payment by the current stock price. As the stock price changes, the dividend yield will also change.

For example, if a stock pays an annual dividend of $2 and its current price is $50, its dividend yield would be 4%. However, if the stock price increases to $60, the dividend yield would decrease to 3.33% ($2/$60).

Conversely, if the stock price decreases to $40, the dividend yield would increase to 5% ($2/$40).

Further, the dividend payment itself can also change over time, which can also impact the dividend yield. If a company increases its dividend payment, the dividend yield will increase even if the stock price remains the same. Similarly, if a company decreases its dividend payment, the dividend yield will decrease.

HD Price Action: Shares of Home Depot rose 2.5% to close at $347.44 on Thursday.

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