Strong Underlying Revenue Growth Across All
Operating Companies
Operating Margins Expand in Both
Segments
GAAP EPS Increases to $.71 in Fourth Quarter
and to $2.98 for Year
Adjusted EPS Increases 8% — to $.71 in
Fourth Quarter and to $3.05 for 2015
Marsh & McLennan Companies, Inc. (NYSE:MMC), a global
professional services firm offering clients advice and solutions in
risk, strategy and people, today reported financial results for the
fourth quarter and year ended December 31, 2015.
Marsh & McLennan Companies President and CEO Dan Glaser
said: "We capped off a successful year with an outstanding fourth
quarter, posting our highest underlying revenue growth of 2015 at
5%. In 2015, we produced underlying revenue growth of 4% on a
consolidated basis. Our adjusted operating margin expanded 100
basis points, with higher margins in both segments for the sixth
consecutive year. Adjusted EPS grew 8% despite FX headwinds of
approximately $.18 per share. In addition to our solid operating
performance, we continued to deliver on our commitments to
shareholders. We deployed $3.2 billion of capital through
double-digit growth in dividends, a record level of share
repurchase and an active year for acquisitions.
"We believe we are well positioned to deliver underlying revenue
growth, margin expansion and strong EPS growth in 2016," concluded
Mr. Glaser.
Consolidated Results
Consolidated revenue in the fourth quarter of 2015 was $3.3
billion, an increase of 3% from the fourth quarter of 2014, or 5%
on an underlying basis. Operating income rose 11% to $594 million,
compared with $536 million in the prior year. Adjusted operating
income, which excludes noteworthy items as presented in the
attached supplemental schedules, rose 5% to $582 million. Net
income attributable to the Company was $375 million, or $.71 per
share, compared with $294 million, or $.54 per share, in the prior
year. Adjusted EPS increased 8% to $.71, compared with $.66 in the
prior fourth quarter.
For the year 2015, consolidated revenue was $12.9 billion, a
slight decrease from the prior year, but an increase of 4% on an
underlying basis. Operating income was $2.4 billion, up 5% from the
prior year. Adjusted operating income of $2.5 billion also
increased 5%. Net income attributable to the Company was $2.98 per
share, an increase of 12% from $2.65 per share in 2014. Adjusted
EPS rose 8% to $3.05.
Risk and Insurance Services
Risk and Insurance Services revenue was $1.7 billion in the
fourth quarter of 2015, an increase of 4% on an underlying basis.
Operating income was $354 million, an increase of 4% compared with
$339 million in the prior year. Adjusted operating income was up 3%
to $364 million. For the year 2015, revenue was $6.9 billion, an
increase of 3% on an underlying basis. Operating income rose to
$1.5 billion, and adjusted operating income increased to $1.6
billion.
Marsh's revenue in the fourth quarter of 2015 was $1.5 billion,
an increase of 4% on an underlying basis. The U.S./Canada division
had underlying revenue growth of 3%. International operations
produced underlying revenue growth of 5%, with EMEA rising 3%, Asia
Pacific up 4% and Latin America growing 13%. Guy Carpenter's fourth
quarter revenue was $217 million, an increase of 5% on an
underlying basis.
Consulting
Consulting revenue of $1.6 billion in the fourth quarter
increased 5% on an underlying basis from the fourth quarter of
2014. Operating income rose 18% to $294 million from $250 million
in the prior period and adjusted operating income rose 5% to $265
million. For the year 2015, revenue of $6.1 billion was up 5% on an
underlying basis. Operating income grew 8% to $1.1 billion, and
adjusted operating income increased 4% to $1 billion.
Mercer's revenue was $1.1 billion in the fourth quarter, an
increase of 5% on an underlying basis. Health, with revenue of $389
million, grew 8% on an underlying basis; Retirement, with revenue
of $372 million, rose 1%; Investments, with revenue of $204
million, increased 2%; and Talent, with revenue of $175 million,
was up 7%. Oliver Wyman Group’s revenue was $476 million in the
fourth quarter, an increase of 7% on an underlying basis.
Other Items
In the fourth quarter of 2015, the Company repurchased 1.4
million shares of its common stock for $75 million. For the year,
24.8 million shares were repurchased for $1.4 billion. In 2015, the
Company completed 27 acquisitions and investments. Recent activity
included Marsh’s acquisition of UK-based insurance broker Jelf
Group and Mercer’s acquisition of CPSG Partners, a provider of
Workday implementation services.
Conference Call
A conference call to discuss fourth quarter and full-year 2015
results will be held today at 8:30 a.m. Eastern time. To
participate in the teleconference, please dial +1 888 427 9421.
Callers from outside the United States should dial +1 719 325 2474.
The access code for both numbers is 3056490. The live audio webcast
may be accessed at www.mmc.com. A
replay of the webcast will be available approximately two hours
after the event.
About Marsh & McLennan Companies
MARSH & McLENNAN COMPANIES (NYSE: MMC) is a global
professional services firm offering clients advice and solutions in
the areas of risk, strategy and people. Marsh is a leader in insurance broking and risk
management; Guy Carpenter is a leader
in providing risk and reinsurance intermediary services;
Mercer is a leader in talent, health,
retirement, and investment consulting; and Oliver Wyman is a leader in management consulting.
With annual revenue of $13 billion and approximately 60,000
colleagues worldwide, Marsh & McLennan Companies provides
analysis, advice and transactional capabilities to clients in more
than 130 countries. The Company is committed to being a responsible
corporate citizen and making a positive impact in the communities
in which it operates. Visit www.mmc.com for more information and
follow us on LinkedIn and Twitter
@MMC_Global.
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements," as
defined in the Private Securities Litigation Reform Act of 1995.
These statements, which express management's current views
concerning future events or results, use words like "anticipate,"
"assume," "believe," "continue," "estimate," "expect," "intend,"
"plan," "project" and similar terms, and future or conditional
tense verbs like "could," "may," "might," "should," "will" and
"would." Forward-looking statements are subject to inherent risks
and uncertainties that could cause actual results to differ
materially from those expressed or implied in our forward-looking
statements.
Factors that could materially affect our future results include,
among other things: our ability to maintain adequate safeguards to
protect the security of confidential, personal or proprietary
information; our ability to compete effectively and adapt to
changes in the competitive environment, including to technological
and other types of innovation; the impact of economic, political
and market conditions on us and our clients; our ability to
successfully recover should we experience a business continuity
problem due to cyberattack, natural disaster or otherwise; our
exposure to potential civil remedies or criminal penalties if we
fail to comply with U.S. and non-U.S. laws and regulations
applicable in the jurisdictions in which we operate; the financial
and operational impact of complying with laws and regulations in
the jurisdictions in which we operate; our exposure to potential
losses and liabilities, including reputational impact, arising from
errors and omissions, breach of fiduciary duty and similar claims
against us; the impact of fluctuations in exchange and interest
rates on our results; the impact of our corporate tax rate relative
to our competitors; the effect of our global pension obligations on
our financial position, earnings and cash flows; our ability to
make acquisitions and dispositions and successfully integrate the
businesses we acquire; our ability to incentivize and retain key
employees; and the impact of changes in accounting rules or in our
accounting estimates or assumptions.
The factors identified above are not exhaustive. Marsh &
McLennan Companies and its subsidiaries operate in a dynamic
business environment in which new risks emerge frequently.
Accordingly, we caution readers not to place reliance on any
forward-looking statements, which are based only on information
currently available to us and speak only as of the dates on which
they are made. The Company undertakes no obligation to update or
revise any forward-looking statement to reflect events or
circumstances arising after the date on which it is made.
Further information concerning Marsh &
McLennan Companies and its businesses, including information about
factors that could materially affect our results of operations and
financial condition, is contained in the Company's filings with the
Securities and Exchange Commission, including the "Risk Factors"
section and the "Management’s Discussion and Analysis of Financial
Condition and Results of Operations" section of our most recently
filed Annual Report on Form 10-K.
Marsh & McLennan Companies,
Inc.
Consolidated Statements of
Income
(In millions, except per share
figures)
(Unaudited)
Three Months EndedDecember 31,
Twelve Months EndedDecember 31, 2015
2014
2015 2014
Revenue $ 3,338 $ 3,246
$
12,893 $ 12,951
Expense: Compensation
and Benefits
1,900 1,896
7,334 7,515 Other Operating
Expenses
844 814
3,140 3,135
Operating Expenses 2,744 2,710
10,474 10,650
Operating Income
594 536
2,419 2,301
Interest Income 4 5
13 21
Interest Expense (46 ) (36 )
(163 ) (165 )
Cost of Extinguishment of Debt
— (137 )
— (137 )
Investment (Loss) Income
(1 ) —
38 37
Income
Before Income Taxes 551 368
2,307 2,057
Income
Tax Expense 171 99
671 586
Income from Continuing Operations 380 269
1,636 1,471
Discontinued Operations, Net of Tax
1 30
— 26
Net Income
Before Non-Controlling Interests 381 299
1,636
1,497
Less: Net Income Attributable to Non-Controlling
Interests 6 5
37 32
Net Income Attributable to the Company $ 375
$ 294
$ 1,599 $ 1,465
Basic Net Income Per Share - Continuing Operations
$ 0.72 $ 0.49
$ 3.01
$ 2.64
- Net Income Attributable to the
Company $ 0.72 $ 0.54
$
3.01 $ 2.69
Diluted Net Income Per
Share - Continuing Operations $ 0.71
$ 0.48
$ 2.98 $ 2.61
-
Net Income Attributable to the Company $ 0.71
$ 0.54
$ 2.98 $ 2.65
Average Number of Shares Outstanding - Basic
522 541
531 545
-
Diluted 527 548
536 553
Shares Outstanding at 12/31 522 540
522 540
Marsh & McLennan Companies,
Inc.
Supplemental Information - Revenue
Analysis
Three Months Ended December 31,
2015
(Millions) (Unaudited)
Components of Revenue
Change* Three Months EndedDecember 31,
%
ChangeGAAPRevenue
CurrencyImpact
Acquisitions/DispositionsImpact
UnderlyingRevenue
2015 2014
Risk and Insurance Services Marsh
$ 1,510 $ 1,473 3% (6)% 4% 4% Guy Carpenter
217 212 2% (3)% 1% 5% Subtotal
1,727
1,685 3% (5)% 4% 4% Fiduciary Interest Income
5 6
Total Risk and Insurance Services
1,732 1,691
2% (5)% 4% 4%
Consulting Mercer
1,140 1,106 3%
(6)% 4% 5% Oliver Wyman Group
476 460 4% (4)%
1% 7% Total Consulting
1,616 1,566 3% (6)% 3%
5%
Corporate / Eliminations (10 ) (11 )
Total Revenue $ 3,338 $ 3,246 3%
(6)% 4% 5%
Revenue Details
The following table provides more detailed revenue information
for certain of the components presented above:
Components of Revenue Change*
Three Months EndedDecember 31,
%
ChangeGAAPRevenue
CurrencyImpact
Acquisitions/DispositionsImpact
UnderlyingRevenue
2015 2014
Marsh: EMEA
$ 468 $
471 (1)% (7)% 3% 3% Asia Pacific
156 163 (5)% (9)% 1% 4%
Latin America
118 128 (7)% (20)% — 13% Total
International
742 762 (3)% (10)% 2% 5% U.S. / Canada
768 711 8% (2)% 6% 3% Total Marsh
$
1,510 $ 1,473 3% (6)% 4% 4%
Mercer:
Health
$ 389 $ 380 2% (3)% (2)% 8% Retirement
372 343 8% (6)% 13% 1% Investments
204 214 (5)% (10)%
3% 2% Talent
175 169 3% (7)% 3% 7% Total
Mercer
$ 1,140 $ 1,106 3% (6)% 4% 5%
Notes Underlying revenue measures the change in revenue
using consistent currency exchange rates, excluding the impact of
certain items that affect comparability such as: acquisitions,
dispositions and transfers among businesses. The impact of the gain
from the disposal of Mercer's U.S. defined contribution
recordkeeping business is included in acquisitions/dispositions in
Mercer's Retirement business. * Components of revenue change
may not add due to rounding.
Marsh & McLennan Companies,
Inc.
Supplemental Information - Revenue
Analysis
Twelve Months Ended December 31,
2015
(Millions) (Unaudited)
Components of Revenue Change*
Twelve Months EndedDecember 31,
%
ChangeGAAPRevenue
CurrencyImpact
Acquisitions/DispositionsImpact
UnderlyingRevenue
2015 2014
Risk and Insurance Services Marsh
$ 5,727 $ 5,753 — (7)% 3% 3% Guy Carpenter
1,121 1,154 (3)% (4)% (1)% 2% Subtotal
6,848 6,907 (1)% (6)% 2% 3% Fiduciary Interest Income
21 24 Total Risk and Insurance Services
6,869 6,931 (1)% (6)% 2% 3%
Consulting
Mercer
4,313 4,350 (1)% (7)% 2% 4% Oliver Wyman Group
1,751 1,709 3% (6)% 2% 7% Total Consulting
6,064 6,059 — (7)% 2% 5%
Corporate /
Eliminations (40 ) (39 )
Total Revenue
$ 12,893 $ 12,951 — (6)% 2% 4%
Revenue Details
The following table provides more detailed revenue information
for certain of the components presented above:
Components of Revenue Change*
Twelve Months EndedDecember 31,
%
ChangeGAAPRevenue
CurrencyImpact
Acquisitions/DispositionsImpact
UnderlyingRevenue
2015 2014
Marsh: EMEA
$ 1,848 $
1,980 (7)% (10)% 1% 2% Asia Pacific
636 683 (7)% (10)% 1% 2%
Latin America
380 413 (8)% (18)% 2% 8% Total
International
2,864 3,076 (7)% (11)% 1% 3% U.S. / Canada
2,863 2,677 7% (1)% 5% 3% Total Marsh
$
5,727 $ 5,753 — (7)% 3% 3%
Mercer:
Health
$ 1,558 $ 1,553 — (3)% (2)% 6% Retirement
1,345 1,375 (2)% (7)% 5% — Investments
818 836 (2)%
(12)% 2% 7% Talent
592 586 1% (7)% 3% 5% Total
Mercer
$ 4,313 $ 4,350 (1)% (7)% 2% 4%
Notes Underlying revenue measures the change in revenue
using consistent currency exchange rates, excluding the impact of
certain items that affect comparability such as: acquisitions,
dispositions and transfers among businesses. The impact of the gain
from the disposal of Mercer's U.S. defined contribution
recordkeeping business is included in acquisitions/dispositions in
Mercer's Retirement business. * Components of revenue change
may not add due to rounding.
Marsh & McLennan Companies,
Inc.
Non-GAAP Measures
Three Months Ended December 31
(Millions) (Unaudited)
The Company presents below certain additional financial
measures that are "non-GAAP measures," within the meaning of
Regulation G under the Securities Exchange Act of 1934. These
measures are: adjusted operating income (loss); adjusted operating
margin; and adjusted income, net of tax. The Company
presents these non-GAAP measures to provide investors with
additional information to analyze the Company's performance from
period to period. Management also uses these measures to assess
performance for incentive compensation purposes and to allocate
resources in managing the Company's businesses. However, investors
should not consider these non-GAAP measures in isolation from, or
as a substitute for, the financial information that the Company
reports in accordance with GAAP. The Company's non-GAAP measures
reflect subjective determinations by management, and may differ
from similarly titled non-GAAP measures presented by other
companies.
Adjusted Operating Income (Loss) and Adjusted
Operating Margin Adjusted operating income (loss) is calculated
by excluding the impact of certain noteworthy items from the
Company's GAAP operating income or loss. The following tables
identify these noteworthy items and reconcile adjusted operating
income (loss) to GAAP operating income or loss, on a consolidated
and segment basis, for the three months ended December 31, 2015 and
2014. The following tables also present adjusted operating margin,
which is calculated by dividing adjusted operating income by
consolidated or segment GAAP revenue less the gain on the disposal
of Mercer's U.S. defined contribution recordkeeping business.
Risk
&InsuranceServices
Consulting Corporate/
Eliminations
Total Three Months Ended December 31, 2015
Operating income (loss) $ 354 $
294 $ (54 ) $ 594
Add (Deduct) impact of Noteworthy Items: Restructuring
charges (a)
5 8 7 20 Adjustments to
acquisition related accounts (b)
5 — —
5 Disposal of business (c)
— (37
) — (37 ) Operating income
adjustments 10 (29 ) 7
(12 ) Adjusted operating income (loss)
$ 364 $ 265 $
(47 ) $ 582 Operating
margin 20.4 % 18.2 % N/A
17.8 % Adjusted operating margin 21.1
% 16.7 % N/A 17.6 %
Three Months Ended December 31, 2014 Operating income
(loss) $ 339 $ 250 $ (53 ) $ 536 Add
impact of Noteworthy Items: Restructuring charges (a) 1 1 — 2
Adjustments to acquisition related accounts (b) 15 —
— 15
Operating income adjustments 16 1
— 17
Adjusted operating income (loss) $
355 $ 251 $ (53 ) $ 553
Operating
margin 20.1 % 16.0 % N/A 16.5 %
Adjusted operating
margin 21.0 % 16.1 % N/A 17.0 % (a) Primarily severance
for center led initiatives, future rent under non-cancellable
leases, and integration costs related to recent acquisitions. (b)
Primarily includes the change in fair value as measured each
quarter of contingent consideration related to acquisitions. (c)
Relates to a gain on the disposal of Mercer's U.S. defined
contribution recordkeeping business. This $37 million gain is also
removed from GAAP revenue in the calculation of adjusted operating
margin.
Marsh & McLennan Companies,
Inc.
Non-GAAP Measures
Twelve Months Ended December 31
(Millions) (Unaudited)
The Company presents below certain additional financial
measures that are "non-GAAP measures," within the meaning of
Regulation G under the Securities Exchange Act of 1934. These
measures are: adjusted operating income (loss); adjusted operating
margin; and adjusted income, net of tax. The Company presents these
non-GAAP measures to provide investors with additional information
to analyze the Company's performance from period to period.
Management also uses these measures to assess performance for
incentive compensation purposes and to allocate resources in
managing the Company's businesses. However, investors should not
consider these non-GAAP measures in isolation from, or as a
substitute for, the financial information that the Company reports
in accordance with GAAP. The Company's non-GAAP measures reflect
subjective determinations by management, and may differ from
similarly titled non-GAAP measures presented by other companies.
Adjusted Operating Income (Loss) and Adjusted Operating
Margin Adjusted operating income (loss) is calculated by
excluding the impact of certain noteworthy items from the Company's
GAAP operating income or loss. The following tables identify these
noteworthy items and reconcile adjusted operating income (loss) to
GAAP operating income or loss, on a consolidated and segment basis,
for the twelve months ended December 31, 2015 and 2014. The
following tables also present adjusted operating margin, which is
calculated by dividing adjusted operating income by consolidated or
segment GAAP revenue less the gain on the disposal of Mercer's U.S.
defined contribution recordkeeping business.
Risk
&InsuranceServices
Consulting
Corporate/Eliminations
Total Twelve Months Ended December 31, 2015
Operating income (loss) $ 1,539
$ 1,075 $ (195 ) $
2,419 Add (Deduct) impact of Noteworthy Items:
Restructuring charges (a)
8 8 12 28
Adjustments to acquisition related accounts (b)
56 (5
) — 51 Disposal of business (c)
—
(37 ) — (37 ) Other
—
— (1 ) (1 )
Operating income adjustments 64 (34
) 11 41 Adjusted operating
income (loss) $ 1,603 $
1,041 $ (184 ) $
2,460 Operating margin 22.4 %
17.7 % N/A 18.8 % Adjusted
operating margin 23.3 % 17.3 %
N/A 19.1 % Twelve Months Ended December 31,
2014 Operating income (loss) $ 1,509 $ 996
$ (204 ) $ 2,301 Add impact of Noteworthy Items:
Restructuring charges (a) 5 1 6 12 Adjustments to acquisition
related accounts (b) 37 — — 37 Other — — (1 ) (1 )
Operating income adjustments 42 1 5 48
Adjusted operating income (loss) $ 1,551 $ 997
$ (199 ) $ 2,349
Operating margin 21.8 % 16.4
% N/A 17.8 %
Adjusted operating margin 22.4 % 16.5 % N/A
18.1 % (a) Primarily severance for center led initiatives,
future rent under non-cancellable leases, and integration costs
related to recent acquisitions. (b) Primarily includes the change
in fair value as measured each quarter of contingent consideration
related to acquisitions. (c) Relates to a gain on the disposal of
Mercer's U.S. defined contribution recordkeeping business. This $37
million gain is also removed from GAAP revenue in the calculation
of adjusted operating margin.
Marsh & McLennan Companies,
Inc.
Non-GAAP Measures
Three and Twelve Months Ended December
31
(Millions) (Unaudited)
Adjusted income, net of tax Adjusted income, net of
tax is calculated as: the Company’s GAAP income from continuing
operations, adjusted to reflect (i) the after-tax impact of the
operating income adjustments set forth in the preceding tables and
(ii) for 2014, due to its significance, the cost of extinguishment
of debt of $137 million. Adjusted diluted EPS is calculated as
Adjusted income, net of tax, divided by MMC's average number of
shares outstanding-diluted for the relevant period.
Reconciliation of the Impact of Non-GAAP Measures on diluted
earnings per share -
Three Months Ended December
31,2015
Three Months Ended December 31,2014
Amount
DilutedEPS
Amount
DilutedEPS
Income from continuing operations
$ 380 $ 269
Less: Non-controlling interest, net of tax
6 5
Subtotal
$ 374 $ 0.71 $ 264 $ 0.48
Operating income adjustments
$ (12 ) $ 17
Adjustment for cost of extinguishment of debt
— 137 Impact
of income taxes
10 (55 )
(2 ) —
99 0.18 Adjusted income, net of tax
$
372 $ 0.71 $ 363 $ 0.66
Twelve Months Ended December
31,2015
Twelve Months Ended December 31,
2014
Amount
DilutedEPS
Amount
DilutedEPS
Income from continuing operations
$ 1,636
$ 1,471 Less: Non-controlling interest, net of tax
37
32 Subtotal
$ 1,599 $
2.98 $ 1,439 $ 2.61 Operating income adjustments
$
41 $ 48 Adjustment for cost of extinguishment of debt
— 137 Impact of income taxes
(5 ) (66 )
36 0.07 119 0.21 Adjusted
income, net of tax
$ 1,635 $
3.05 $ 1,558 $ 2.82
Marsh & McLennan Companies,
Inc.
Supplemental Information
(Millions) (Unaudited)
Three Months EndedDecember
31,
Twelve MonthsEnded December
31,
2015 2014
2015 2014 Depreciation and
amortization expense
$ 81 $ 77
$ 314 $
302 Identified intangible amortization expense
$ 30 $
22
$ 109 $ 86 Stock option expense
$ 2
$ 3
$ 20 $ 17 Capital expenditures
$ 76
$ 83
$ 325 $ 368
Marsh & McLennan Companies,
Inc.
Consolidated Balance Sheets
(Millions) (Unaudited)
December 31,
2015
December 31,
2014*
ASSETS Current assets: Cash and cash equivalents
$ 1,374 $ 1,958 Net receivables
3,471 3,377
Other current assets
199 198
Total current
assets 5,044 5,533 Goodwill and intangible assets
8,925 7,933 Fixed assets, net
773 809 Pension related
assets
1,159 967 Deferred tax assets
1,138 1,358
Other assets
1,177 1,193
TOTAL ASSETS
$ 18,216 $ 17,793
LIABILITIES
AND EQUITY Current liabilities: Short-term debt
$
12 $ 11 Accounts payable and accrued liabilities
1,886 1,883 Accrued compensation and employee benefits
1,656 1,633 Accrued income taxes
154 150
Total current liabilities 3,708 3,677
Fiduciary liabilities
4,146 4,552 Less - cash and
investments held in a fiduciary capacity
(4,146 )
(4,552 )
— — Long-term debt
4,402 3,368 Pension,
post-retirement and post-employment benefits
2,058 2,244
Liabilities for errors and omissions
318 341 Other
liabilities
1,128 1,030
Total equity
6,602 7,133
TOTAL LIABILITIES AND
EQUITY $ 18,216 $ 17,793 *
Amended to reflect the adoption in 2015 of new Financial Accounting
Standards Board guidance related to the presentation of deferred
taxes and debt issuance costs.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160204005668/en/
Marsh & McLennan CompaniesMedia:Edward L.
Dandridge, +1 212 345
9751ed.dandridge@mmc.comorInvestor:Keith Walsh,
+1 212 345 0057keith.walsh@mmc.com
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