In the latest trading session, Johnson & Johnson (JNJ) closed at $171.25, marking a -1.06% move from the previous day. This change lagged the S&P 500's daily gain of 0.92%. Elsewhere, the Dow gained 0.51%, while the tech-heavy Nasdaq added 0.54%.Prior to today's trading, shares of the world's biggest maker of health care products had gained 2.75% over the past month. This has outpaced the Medical sector's loss of 2.74% and the S&P 500's loss of 0.85% in that time.Wall Street will be looking for positivity from Johnson & Johnson as it approaches its next earnings report date. This is expected to be January 25, 2022. On that day, Johnson & Johnson is projected to report earnings of $2.12 per share, which would represent year-over-year growth of 13.98%. Meanwhile, our latest consensus estimate is calling for revenue of $25.26 billion, up 12.37% from the prior-year quarter.Investors might also notice recent changes to analyst estimates for Johnson & Johnson. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 0.15% lower. Johnson & Johnson currently has a Zacks Rank of #3 (Hold).Valuation is also important, so investors should note that Johnson & Johnson has a Forward P/E ratio of 16.84 right now. This represents a premium compared to its industry's average Forward P/E of 12.87.Also, we should mention that JNJ has a PEG ratio of 2.41. 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 industry currently had an average PEG ratio of 2.02 as of yesterday's close.The Large Cap Pharmaceuticals industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 182, which puts it in the bottom 29% 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.To follow JNJ in the coming trading sessions, be sure to utilize Zacks.com. Zacks’ Top Picks to Cash in on Artificial Intelligence This world-changing technology is projected to generate $100S of billions by 2025. From self-driving cars to consumer data analysis, people are relying on machines more than we ever have before. Now is the time to capitalize on the 4th Industrial Revolution. Zacks’ urgent special report reveals 6 AI picks investors need to know about today.See 6 Artificial Intelligence Stocks With Extreme Upside Potential>>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): Free Stock Analysis Report To read this article on Zacks.com click here.