In the latest trading session, Johnson & Johnson (JNJ) closed at $157.69, marking a -1.6% move from the previous day. This change lagged the S&P 500's 0.24% loss on the day.Prior to today's trading, shares of the world's biggest maker of health care products had lost 3.35% over the past month. This has was narrower than the Medical sector's loss of 6.43% and lagged the S&P 500's loss of 2.12% in that time.Wall Street will be looking for positivity from JNJ as it approaches its next earnings report date. This is expected to be October 19, 2021. The company is expected to report EPS of $2.37, up 7.73% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $23.62 billion, up 12.05% from the year-ago period.JNJ's full-year Zacks Consensus Estimates are calling for earnings of $9.65 per share and revenue of $94.24 billion. These results would represent year-over-year changes of +20.17% and +14.12%, respectively.Investors might also notice recent changes to analyst estimates for JNJ. 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.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.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 has moved 0.01% lower within the past month. JNJ is holding a Zacks Rank of #4 (Sell) right now.Digging into valuation, JNJ currently has a Forward P/E ratio of 16.6. For comparison, its industry has an average Forward P/E of 13.35, which means JNJ is trading at a premium to the group.It is also worth noting that JNJ currently has a PEG ratio of 2.14. 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. Large Cap Pharmaceuticals stocks are, on average, holding a PEG ratio of 2.05 based on yesterday's closing prices.The Large Cap Pharmaceuticals industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 102, which puts it in the top 41% 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.To follow JNJ in the coming trading sessions, be sure to utilize Zacks.com. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>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.