Johnson & Johnson (JNJ) closed the most recent trading day at $159.02, moving -0.19% from the previous trading session. This change was narrower than the S&P 500's 0.81% loss on the day. Meanwhile, the Dow lost 0.46%, and the Nasdaq, a tech-heavy index, lost 1.69%.Prior to today's trading, shares of the world's biggest maker of health care products had lost 2.86% over the past month. This has lagged the Medical sector's loss of 1.05% and the S&P 500's gain of 3.56% in that time.Investors will be hoping for strength from JNJ as it approaches its next earnings release. The company is expected to report EPS of $2.30, unchanged from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $21.79 billion, up 5.32% from the year-ago period.For the full year, our Zacks Consensus Estimates are projecting earnings of $9.48 per share and revenue of $91.31 billion, which would represent changes of +18.06% and +10.56%, respectively, from the prior year.Any recent changes to analyst estimates for JNJ should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. JNJ is currently a Zacks Rank #2 (Buy).Digging into valuation, JNJ currently has a Forward P/E ratio of 16.71. For comparison, its industry has an average Forward P/E of 12.74, which means JNJ is trading at a premium to the group.Also, we should mention that JNJ has a PEG ratio of 2.17. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. JNJ's industry had an average PEG ratio of 2.01 as of yesterday's close.The Large Cap Pharmaceuticals industry is part of the Medical sector. This group has a Zacks Industry Rank of 175, putting it in the bottom 32% of all 250+ industries.The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.You can find more information on all of these metrics, and much 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.