It has been about a month since the last earnings report for Marsh & McLennan (MMC). Shares have lost about 8.8% in that time frame, outperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Marsh & McLennan due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Marsh & McLennan's Q4 Earnings Top Estimates, Rise Y/YMarsh & McLennan delivered fourth-quarter 2019 adjusted earnings per share of $1.19, surpassing the Zacks Consensus Estimate by 0.8% on the back of solid revenues. Moreover, the same increased 9.2% year over year.Marsh & McLennan’s consolidated revenues of $4.3 billion were up 3% on an underlying basis. This upside is majorly attributable to the Risk and Insurances Services plus Consulting Segments. However, the top line missed the Zacks Consensus Estimate by 1.8%.Total operating expenses of $3.7 billion in the fourth quarter were up 18.8% year over year due to higher compensation and benefits as well as other operating expenses.Quarterly Segmental ResultsRisk and Insurance ServicesRevenues at the Risk and Insurance Services segment were $2.4 billion, up 3% on an underlying basis. Adjusted operating income surged 31% to $550 million from the prior-year quarter’s level.Marsh, a unit within this segment generated revenues of $2.2 billion, up 3% on an underlying basis. In U.S./Canada, underlying revenues rose 4%.Underlying revenue growth from international operations of 1% includes 7% increase of the metric in the Asia Pacific and a 2% rise in Latin America.However, the same was partially offset by a 1% dip in EMEA.Another unit under this segment, Guy Carpenter, displayed 10% revenue growth on an underlying basis in the quarter under review.ConsultingThe Consulting segment's revenues inched up 2% on an underlying basis to $1.9 billion. Also, adjusted operating income was flat at $359 million.A unit within this segment, Mercer, generated revenues of $1.3 billion, up 4% on an underlying basis. Wealth’s revenues were up 2% on an underlying basis. Health and Career’s revenues were each up 6% and 4% year over year on an underlying basis.Another unit Oliver Wyman Group registered revenues of $559 million, down 2% on an underlying basis.Share Repurchase UpdateThe company bought back shares worth $185 million in the quarter under review.Financial UpdateMarsh & McLennan exited the fourth quarter of 2019 with cash and cash equivalents of nearly $1.2 billion, up 8.3% from the figure at 2018 end.Cash flow from operations for 2019 totaled $2.3 billion, sliding 2.8% year over year.As of Dec 31, 2019, Marsh & McLennan’s total assets were $31.3 billion, up 45.1% from the figure as of Dec 31, 2018.Total equity was $7.9 billion, up 4.7% from the level at 2018 end.Full-Year UpdateFor 2019, the company’s revenues of $16.7 billion were up 4% year over year on an underlying basis. Adjusted earnings per share rose 7% year over year to $4.66. How Have Estimates Been Moving Since Then?Estimates review followed a downward path over the past two months.VGM ScoresCurrently, Marsh & McLennan has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. Following the exact same course, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookMarsh & McLennan has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.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 Marsh & McLennan Companies, Inc. (MMC): Free Stock Analysis Report To read this article on Zacks.com click here.