A month has gone by since the last earnings report for Broadridge Financial Solutions (BR). Shares have added about 6.7% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Broadridge Financial due for a pullback? 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 catalysts. Broadridge Surpasses Q1 Earnings & Revenues EstimatesBroadridge Financial Solutions delivered strong first-quarter fiscal 2021 results, beating the Zacks Consensus Estimate on both counts.Adjusted earnings of 98 cents per share beat the consensus estimate by 55.6% and improved 44% year over year. Total revenues of $1 billion beat the consensus mark by 5.8% and were up 7% year over year. The company generated closed sales of $33 million in the quarter, down 13% year over year.Revenues by SegmentRevenues in the Investor Communication Solutions segment increased 7% from the year-ago quarter’s level to $753 million.The segment’s recurring fee revenues were up 8% to $671 million. Event-driven fee revenues increased 13% to $45.5 million. Distribution revenues increased 7% to $752.9 million on lower event-driven activity.Global Technology and Operations segment's recurring fee revenues came in at $296 million, up 8% year over year. This improvement was driven by acquisitions and organic growth. Higher equity trading volumes benefited the segment’s internal growth.Operating ResultsAdjusted operating income of $151 million improved 45% year over year. Adjusted operating income margin increased to 14.8% from 10.9% in the prior-year quarter.Balance Sheet and Cash FlowBroadridge exited the quarter with cash and cash equivalents of $356.6 million compared with the $476.6 million witnessed at the end of the prior quarter. Long-term debt was $1.8 billion compared with the $1.4 billion recorded at the end of the previous quarter.The company used $44.2 million of cash in operating activities and capex was $14.3 million in the quarter. Broadridge paid out $62.2 million in dividends in the reported quarter.Updated Fiscal 2021 GuidanceBroadridge expects total revenue growth in the range of 1-4% (previous range was 0-4%). It anticipates recurring revenue growth of 3-6 %( previous range was 2-6%). Adjusted EPS growth is expected to be 6% to 10% (previous estimation was 4-10%). Adjusted operating income margin is estimated to be up by around 100 basis points (unchanged from previous guidance). Closed sales are anticipated to be between $190 million and $235 million (unchanged from previous guidance).How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.VGM ScoresCurrently, Broadridge Financial has an average Growth Score of C, a grade with the same score on the momentum front. Charting a somewhat similar path, 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 D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Broadridge Financial 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 Broadridge Financial Solutions, Inc. (BR): Free Stock Analysis Report To read this article on Zacks.com click here.