HP Inc. (HPQ) is gearing up to report its fourth quarter earnings after the closing bell on Tuesday, November 25. Analysts are penciling in earnings of 92 cents per share, a slight dip from the 93 cents reported in the same quarter last year. Revenue is expected to come in at $14.49 billion, up from $14.05 billion in the prior-year period.

But let's talk about something potentially more interesting than quarterly results: HP's dividend. With an annual yield of 4.75%, the company pays out 29 cents per share each quarter, which adds up to $1.16 annually. That's the kind of yield that makes income investors sit up and pay attention.

So here's the question: what would it actually take to earn $500 every month from HP dividends alone?

The math is straightforward. To generate $500 monthly, or $6,000 annually, you'd need approximately $126,093 invested in HP stock. At the current share price, that translates to roughly 5,172 shares. If $500 a month sounds aggressive, a more modest goal of $100 monthly ($1,200 annually) would require about $25,209, or around 1,034 shares.

Here's how the calculation works: Take your desired annual dividend income and divide it by HP's annual dividend per share. So $6,000 divided by $1.16 equals 5,172 shares needed for $500 monthly. Similarly, $1,200 divided by $1.16 gives you 1,034 shares for $100 monthly.

One important caveat: dividend yields aren't static. They fluctuate as both the stock price and the dividend payment change over time.

Understanding dividend yield dynamics: The yield is calculated by dividing the annual dividend by the current stock price. If a stock pays $2 annually and trades at $50, the yield is 4% ($2 divided by $50). But if that stock climbs to $60, the yield drops to 3.33% ($2 divided by $60). Conversely, if the price falls to $40, the yield jumps to 5% ($2 divided by $40).

Changes in dividend payments also move the needle. When companies increase their dividends (assuming the stock price holds steady), the yield rises. Cut the dividend, and the yield falls accordingly.

Recent Trading: HP shares rose 1.8% on Monday, closing at $24.38.

Not everyone is bullish on the stock, though. Last Friday, Morgan Stanley analyst Erik Woodring maintained his Underweight rating on HP and lowered his price target from $24 to $21, suggesting he sees limited upside from current levels.