Johnson & Johnson (JNJ) closed the most recent trading day at $165.66, moving +0.36% from the previous trading session. This move outpaced the S&P 500's daily loss of 0.03%. At the same time, the Dow added 0.29%, and the tech-heavy Nasdaq lost 0.58%.Prior to today's trading, shares of the world's biggest maker of health care products had gained 3.92% over the past month. This has outpaced the Medical sector's gain of 1.31% and lagged the S&P 500's gain of 4.45% in that time.JNJ will be looking to display strength as it nears its next earnings release. In that report, analysts expect JNJ to post earnings of $2.30 per share. This would mark no growth from the year-ago period. Our most recent consensus estimate is calling for quarterly revenue of $21.79 billion, up 5.32% from the year-ago period.JNJ's full-year Zacks Consensus Estimates are calling for earnings of $9.48 per share and revenue of $91.31 billion. These results would represent year-over-year changes of +18.06% and +10.56%, respectively.Investors might also notice recent changes to analyst estimates for JNJ. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 6.69% higher. JNJ currently has a Zacks Rank of #2 (Buy).Digging into valuation, JNJ currently has a Forward P/E ratio of 17.57. Its industry sports an average Forward P/E of 13.42, so we one might conclude that JNJ is trading at a premium comparatively.Investors should also note that JNJ has a PEG ratio of 2.28 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Large Cap Pharmaceuticals was holding an average PEG ratio of 2.09 at yesterday's closing price.The Large Cap Pharmaceuticals industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 200, which puts it in the bottom 22% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Johnson & Johnson (JNJ): Get Free Report To read this article on Zacks.com click here.