General Mills Inc. (GIS) is set to release its second-quarter earnings results before the market opens on Wednesday, December 17. But while investors wait for those numbers, some are more interested in the company's dividend story.

Analysts are expecting the cereal and packaged foods giant to report quarterly earnings of $1.02 per share, which would represent a decline from $1.40 per share in the same period last year. Revenue is projected to come in at $4.78 billion, down from last year's $5.24 billion.

Here's where things get interesting for income-focused investors: General Mills currently sports an annual dividend yield of 5.18%, paying out 61 cents per share quarterly, or $2.44 annually. That's a pretty solid yield in today's market.

So let's run the numbers. If you want to collect $500 every month from General Mills dividends, you're targeting $6,000 annually. Take that $6,000 and divide it by the company's $2.44 annual dividend, and you get 2,459 shares.

Translation: You'd need to own approximately $115,721 worth of General Mills stock, or 2,459 shares, to generate $500 in monthly dividend income.

That's a hefty chunk of change. But maybe you're thinking smaller. For a more modest goal of $100 per month, or $1,200 annually, the math works out to 492 shares, which would cost you about $23,154.

Now, here's the thing about dividend yields: they're not set in stone. The yield fluctuates because both the stock price and the dividend payment can change over time. The dividend yield is simply the annual dividend divided by the current stock price.

Picture this: a stock paying a $2 annual dividend trading at $50 has a 4% yield. If that stock climbs to $60, the yield drops to 3.33%. If it falls to $40, the yield jumps to 5%. Same dividend, different yields, all because the stock price moved.

And that's just price movements. Companies can also increase or decrease their dividend payments, which directly impacts the yield regardless of where the stock trades.

Recent Trading Activity: Shares of General Mills gained 0.8% on Monday, closing at $47.06.

In analyst news, TD Cowen's Robert Moskow maintained a Hold rating on Monday while trimming his price target from $48 to $45.