Dividend stocks are a good way to supplement your income. And while most of them don't pay monthly, you can still generate monthly income by investing in dividend stocks that have staggered payment schedules. Three stocks that provide high yields that are more than double the S&P 500 average of 1.8% and that could, together, allow you to receive dividends every month are Paramount Global (PARA 1.44%), Hasbro (HAS 0.51%), and Viatris (VTRS -1.14%). Let's find out a bit more about these three dividend-paying stocks.

1. Paramount Global

Paramount Global provides investors with the highest yield on this list at 5.9%. A big reason for the high yield is that the entertainment stock's price nosedived this year, falling a mammoth 46% thus far in 2022. 

The company is in the media business and has some attractive assets in Paramount Studios, the Paramount Network, CBS, MTV, and several other popular cable channels. A lot of attention lately is on its direct-to-consumer segment, which includes streaming service Paramount+. At 46 million subscribers, the service is nowhere near Disney+ or Netflix, which have more than 220 million subscribers apiece.

But the streaming segment did generate 38% revenue growth for Paramount last quarter, climbing to $1.2 billion in sales for the period ending Sept. 30. And with the company launching Paramount+ in multiple countries before the end of the year, including France and Germany, the service still has plenty more growth opportunities on the horizon. Only filmed entertainment's growth of 48% was more impressive last quarter.

Unfortunately, the company's total sales of $6.92 billion for the period still fell short of the $7.01 billion analysts were expecting, and as a result, the stock continued to fall this month.

The beaten-down dividend stock could be a good contrarian buy for income investors, as the company's adjusted per-share profit last quarter of $0.39 is more than enough to fund the $0.24 per share that Paramount pays in dividends every quarter. Its payments are made every January, April, July, and October.

Regardless of whether you look at its trailing earnings multiple of less than four or the 11 times future profits it trades at, Paramount looks like a cheap stock to own right now -- in comparison, the S&P 500 averages 18 times trailing profits and 17 times forward profits.

2. Hasbro

On this list of high-yielding dividend stocks, Hasbro's 4.5% yield ranks as the second best. The gaming company known for brands such as Magic: The Gathering, Dungeons & Dragons, and Monopoly was a red-hot stock to buy in 2020 when lockdowns were keeping people indoors. But now, amid a return to normal, the stock has given up those gains. It's now trading near its 52-week low.

The company is coming off a disappointing third quarter where sales for the period ending Sept. 25 totaled $1.7 billion and declined 15% year over year. Hasbro blames the underwhelming numbers on accelerated consumer shipments in the second quarter pushing some revenue out of Q3, along with changes in release schedules for content that resulted in some tough comparables for the past quarter. 

But Hasbro says it is working on a cost-savings program that will span three years and help the business save between $250 million to $300 million annually in costs. It is also "committed to an industry-leading dividend" which pays its shareholders every February, May, August, and November.

Hasbro may be a bit of an underdog here, but with some solid brands in its portfolio, it is a decent buy and only trades at 11 times its future profits.

3. Viatris

Healthcare company Viatris pays a dividend yield of 4.4%. The pharmaceutical company sells branded, generic, and biosimilar drugs. Cholesterol drug Lipitor is one of its key products, generating $420 million in sales last quarter (period ended Sept. 30), and accounting for more than 10% of revenue. Viatris' sales were down 10% last quarter, but when excluding foreign exchange, the decline was just 1% operationally. Earnings, meanwhile, rose by 14% to $354 million.

Shares of Viatris fell 19% in value this year, with the stock's decline following that of the markets. But the stock has generally been undervalued, as it trades at only three times its future earnings.

However, there's renewed bullishness behind Viatris that could send its shares higher. The company announced plans on Monday to acquire multiple businesses to create an ophthalmology franchise that could fuel its growth and add $1 billion annually to the top line by 2028.

Viatris doesn't have a long history of paying dividends. It only came into existence in 2020 following the combination of Mylan and Pfizer's off-patent business, Upjohn. But since it started issuing dividends in 2021, Viatris has been making its payments every March, June, September, and December.