TD Synnex Corporation (NYSE:SNX) will release earnings for its first quarter before the opening bell on Tuesday, March 31.

Analysts expect the company to report earnings of $3.31 per share. That's up from $2.80 per share in the year-ago period. The consensus estimate for quarterly revenue is $15.65 billion. TD Synnex reported $14.53 billion last year, according to Benzinga Pro.

With the recent buzz around TD Synnex, some investors may be eyeing potential gains from the company's dividends too. As of now, TD Synnex has an annual dividend yield of 1.22%. That’s a quarterly dividend amount of 48 cents per share ($1.92 a year).

Want to earn $500 monthly from TD Synnex? Start with the yearly target of $6,000 ($500 x 12 months).

Next, divide this amount by TD Synnex's $1.92 dividend: $6,000 / $1.92 = 3,125 shares.

So, an investor would need to own approximately $491,000 worth of SNX, or 3,125 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 / $1.92 = 625 shares, or $98,200 to generate a monthly dividend income of $100.

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.

SNX Price Action: Shares of TD Synnex fell by 1.6% to close at $157.12 on Friday.

Ahead of quarterly earnings, Morgan Stanley analyst Erik Woodring, on March 20, maintained TD Synnex with an Overweight rating and raised the price target from $172 to $174.

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