In the latest trading session, Abbott (ABT) closed at $135.70, marking a +0.33% move from the previous day. This change lagged the S&P 500's 0.92% gain on the day. Meanwhile, the Dow gained 0.51%, and the Nasdaq, a tech-heavy index, added 0.54%.Coming into today, shares of the maker of infant formula, medical devices and drugs had lost 0.51% in the past month. In that same time, the Medical sector lost 2.74%, while the S&P 500 lost 0.85%.Investors will be hoping for strength from Abbott as it approaches its next earnings release, which is expected to be January 26, 2022. The company is expected to report EPS of $1.17, down 19.31% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $10.42 billion, down 2.59% from the year-ago period.Investors should also note any recent changes to analyst estimates for Abbott. 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.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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.26% lower. Abbott currently has a Zacks Rank of #3 (Hold).Valuation is also important, so investors should note that Abbott has a Forward P/E ratio of 28.96 right now. For comparison, its industry has an average Forward P/E of 22.62, which means Abbott is trading at a premium to the group.Investors should also note that ABT has a PEG ratio of 2.41 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Medical - Products was holding an average PEG ratio of 1.61 at yesterday's closing price.The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 179, putting it in the bottom 30% 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.Be sure to follow all of these stock-moving metrics, and many more, on 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 Abbott Laboratories (ABT): Free Stock Analysis Report To read this article on Zacks.com click here.