Dearborn Partners LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 8, 2024), Dearborn Partners LLC reported 260 stock positions worth $2.3 billion. Its top holding was Apple (AAPL) at 4.6% of the portfolio, followed by Microsoft (MSFT, 3.9%) and Automatic Data Processing (ADP, 2.8%). Compared with Q4 2023, it opened 13 new positions, sold out of 9, added to 76 and reduced 145. The biggest buy was a new position in T-Mobile US (TMUS) and the biggest sale an exit from Glacier Bancorp (GBCI).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001206792
- Portfolio Value
- $2.3B (Q1 2024)
- SEC Filing
- 0001104659-24-058610 ↗ filed May 8, 2024
Holdings Value
Holdings 260 stocks · $2.3B
| AAPL Apple Inc. | 4.58% | 622,490 | $106.7M | Reduce -18.8% |
| MSFT Microsoft Corp. | 3.91% | 216,251 | $91.0M | Reduce -14.4% |
| ADP Automatic Data Processing | 2.82% | 262,915 | $65.7M | Reduce -17.7% |
| MCD McDonald's Corp. | 2.41% | 198,819 | $56.1M | Reduce -21.0% |
| ITW Illinois Tool Works | 2.40% | 208,595 | $56.0M | Reduce -16.6% |
| HD Home Depot Inc. | 2.16% | 131,239 | $50.3M | Reduce -24.3% |
| XOM Exxon Mobil Corp. | 2.11% | 423,662 | $49.2M | Reduce -25.8% |
| QCOM Qualcomm Inc. | 2.00% | 274,989 | $46.6M | Reduce -22.7% |
| TSCO Tractor Supply Company | 1.92% | 170,945 | $44.7M | Reduce -23.0% |
| WSO Watsco Inc. | 1.90% | 102,249 | $44.2M | Reduce -25.1% |
| RSG Republic Services Inc. | 1.89% | 230,494 | $44.1M | Reduce -27.4% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 1.87% | 174,291 | $43.6M | Reduce -17.7% |
| MA Mastercard Inc. Class A | 1.84% | 89,002 | $42.9M | Reduce -18.5% |
| COST Costco Wholesale Corp. | 1.82% | 57,785 | $42.3M | Reduce -23.3% |
| SNA Snap-on Inc. | 1.76% | 138,757 | $41.1M | Reduce -25.4% |
| CASY Casey's General Stores Inc. | 1.75% | 128,266 | $40.8M | Reduce -22.9% |
| ABBV Abbvie Inc. | 1.73% | 221,872 | $40.4M | Reduce -26.6% |
| ACN Accenture PLC Class A | 1.69% | 113,566 | $39.4M | Reduce -22.2% |
| MRK Merck & Co. Inc. | 1.66% | 293,600 | $38.7M | Reduce -27.0% |
| SHW The Sherwin-Williams Co. | 1.65% | 110,469 | $38.4M | Reduce -22.4% |
| FAST Fastenal Co. | 1.64% | 494,453 | $38.1M | Reduce -24.9% |
| INTU Intuit Inc. | 1.62% | 58,086 | $37.8M | Reduce -23.0% |
| WEC WEC Energy Group Inc. | 1.61% | 455,753 | $37.4M | Reduce -21.8% |
| CARR Carrier Global Corp. | 1.56% | 624,724 | $36.3M | Reduce -23.6% |
| BLK BlackRock Finance Inc. | 1.51% | 42,309 | $35.3M | Reduce -22.8% |
| BDX Becton Dickinson and Co. | 1.51% | 142,161 | $35.2M | Reduce -16.5% |
| CTAS Cintas Corp. | 1.50% | 50,743 | $34.9M | Reduce -24.5% |
| SYK Stryker Corp. | 1.49% | 97,068 | $34.7M | Reduce -27.1% |
| RS Reliance Inc. | 1.48% | 103,204 | $34.5M | Add +9.7% |
| VZ Verizon Communications Inc. | 1.44% | 796,933 | $33.4M | Reduce -25.9% |
| ABT Abbott Laboratories | 1.43% | 292,286 | $33.2M | Reduce -19.4% |
| ATO Atmos Energy Corp. | 1.42% | 277,446 | $33.0M | Reduce -26.0% |
| TXN Texas Instruments Inc. | 1.39% | 186,403 | $32.5M | Reduce -25.2% |
| SPGI S&P Global Inc. | 1.37% | 75,193 | $32.0M | Reduce -24.1% |
| ELV Elevance Health Inc. | 1.33% | 59,874 | $31.0M | Reduce -25.5% |
| MKC.V McCormick & Co. Inc. VTG Com | 1.28% | 388,320 | $29.8M | Reduce -21.4% |
| STE Steris PLC | 1.27% | 131,560 | $29.6M | Reduce -23.6% |
| AWK American Water Works Co. Inc. | 1.22% | 233,232 | $28.5M | Reduce -25.8% |
| APD Air Products & Chemicals Inc. | 1.22% | 117,540 | $28.5M | Reduce -26.2% |
| TMUS T-Mobile US Inc. | 1.21% | 172,080 | $28.1M | New |
| POOL Pool Corp. | 1.19% | 68,419 | $27.6M | Reduce -24.6% |
| MDLZ Mondelez International Inc. Class A | 1.17% | 390,904 | $27.4M | Reduce -24.9% |
| NDAQ Nasdaq Inc. | 1.16% | 429,022 | $27.1M | Reduce -23.8% |
| ZTS Zoetis Inc. | 1.13% | 155,213 | $26.3M | Add +12447.5% |
| EQIX Equinix Inc. | 1.12% | 31,701 | $26.2M | Reduce -25.2% |
| EOG EOG Resources Inc. | 1.12% | 204,205 | $26.1M | Reduce -24.5% |
| GILD Gilead Sciences Inc. | 1.05% | 334,361 | $24.5M | Reduce -23.5% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 1.02% | 136,651 | $23.7M | Reduce -24.2% |
| JPM JPMorgan Chase & Co. | 0.95% | 111,019 | $22.2M | Add +0.0% |
| UPS United Parcel Service Class B | 0.82% | 128,139 | $19.0M | Reduce -24.6% |
| BR Broadridge Financial Solutio | 0.77% | 88,014 | $18.0M | Reduce -34.9% |
| JNJ Johnson & Johnson | 0.76% | 111,215 | $17.6M | Reduce -0.6% |
| GD General Dynamics Corp. | 0.69% | 56,699 | $16.0M | Reduce -2.2% |
| ARES Ares Management Corp. Class A | 0.69% | 120,209 | $16.0M | Reduce -29.4% |
| NEE Nextera Energy Inc. | 0.67% | 242,470 | $15.5M | Reduce -2.8% |
| CAT Caterpillar Inc. | 0.63% | 39,831 | $14.6M | Reduce -1.6% |
| LIN Linde PLC | 0.62% | 30,944 | $14.4M | Reduce -1.0% |
| PEP Pepsico Inc. | 0.58% | 77,418 | $13.5M | Reduce -3.5% |
| ADI Analog Devices Inc. | 0.49% | 58,119 | $11.5M | Add +3.5% |
| RPM RPM International Inc. | 0.49% | 95,459 | $11.4M | Reduce -4.0% |
| PG The Procter & Gamble Co. | 0.47% | 67,774 | $11.0M | Reduce -0.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.46% | 56,596 | $10.8M | Reduce -22.6% |
| CVX Chevron Corp. | 0.46% | 67,626 | $10.7M | Reduce -1.2% |
| UNP Union Pacific Corp. | 0.43% | 40,561 | $10.0M | Reduce -4.0% |
| OKE Oneok Inc. | 0.39% | 113,612 | $9.1M | Reduce -31.0% |
| RTX RTX Corp. | 0.31% | 73,364 | $7.2M | Reduce -3.1% |
| HSY The Hershey Co. | 0.28% | 33,335 | $6.5M | Add +153.4% |
| KO The Coca-Cola Co. | 0.27% | 104,522 | $6.4M | Reduce -3.0% |
| MDT Medtronic PLC | 0.27% | 71,969 | $6.3M | Reduce -29.4% |
| SBUX Starbucks Corp. | 0.26% | 66,044 | $6.0M | Add +6.8% |
| NVS Novartis AG-Sponsored ADR | 0.26% | 62,315 | $6.0M | Reduce -0.1% |
| KMB Kimberly-Clark Corp. | 0.21% | 37,828 | $4.9M | Reduce -31.7% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.20% | 39,029 | $4.8M | Reduce -32.4% |
| O Realty Income Corp. | 0.18% | 79,590 | $4.3M | Reduce -33.4% |
| V Visa Inc. Class A | 0.17% | 14,263 | $4.0M | Reduce -1.5% |
| GOOGL Alphabet Inc. Class A | 0.16% | 24,035 | $3.6M | Reduce -9.8% |
| LLY Eli Lilly & Co. | 0.15% | 4,611 | $3.6M | Reduce -1.4% |
| AMZN Amazon.com Inc. | 0.14% | 18,663 | $3.4M | Reduce -1.1% |
| NVDA Nvidia Corp. | 0.13% | 3,337 | $3.0M | Reduce -7.7% |
| WMT Walmart Inc. | 0.13% | 48,482 | $2.9M | Reduce -4.3% |
| SO The Southern Co. | 0.12% | 39,180 | $2.8M | Reduce -1.6% |
| DE Deere & Co. | 0.11% | 6,322 | $2.6M | Reduce -0.2% |
| BX Blackstone Inc. | 0.09% | 16,696 | $2.2M | Reduce -4.8% |
| PREF Pri Spe Pre Sec Acti-Usd Inc. | 0.09% | 115,724 | $2.1M | Add +13.2% |
| VRP Invesco Variable Rate Prefer | 0.09% | 86,730 | $2.1M | Add +187.6% |
| VCIT Vanguard Int-Term Corporate | 0.09% | 24,860 | $2.0M | Add +3.6% |
| TSLX Sixth Street Specialty Lendi | 0.09% | 93,047 | $2.0M | Add +2.3% |
| HON Honeywell International Inc. | 0.08% | 8,765 | $1.8M | Reduce -3.2% |
| NKE Nike Inc. Class B | 0.08% | 18,763 | $1.8M | Reduce -2.7% |
| OTIS Otis Worldwide Corp. | 0.08% | 17,661 | $1.8M | Reduce -0.2% |
| MAIN Main Street Capital Corp. | 0.07% | 36,146 | $1.7M | Add +4.7% |
| QQQ Invesco QQQ Trust Series 1 | 0.07% | 3,747 | $1.7M | Add +1.3% |
| CRM Salesforce Inc. | 0.07% | 5,488 | $1.7M | Reduce -2.7% |
| ECL Ecolab Inc. | 0.07% | 7,039 | $1.6M | Add +2.1% |
| AGG iShares Core U.S. Aggregate | 0.07% | 16,536 | $1.6M | Add +97.4% |
| LOW Lowe's Cos Inc. | 0.07% | 5,954 | $1.5M | Add +15.4% |
| GOOG Alphabet Inc. Class C | 0.06% | 9,768 | $1.5M | Reduce -4.8% |
| UBER Uber Technologies Inc. | 0.06% | 19,280 | $1.5M | Add +2.5% |
| PGR Progressive Corp. | 0.06% | 7,133 | $1.5M | Add +2.9% |
| CRAI Cra International Inc. | 0.06% | 9,673 | $1.4M | Add +22.2% |
Portfolio Sells Q4 2023 → Q1 2024
| GBCI Glacier Bancorp Inc. | Sold out | 0.00% | −1.15 |
| AMT American Tower Corp. | Reduce -98.6% | 0.02% | −1.07 |
| AAPL Apple Inc. | Reduce -18.8% | 4.58% | −0.79 |
| APD Air Products & Chemicals Inc. | Reduce -26.2% | 1.22% | −0.37 |
| MCD McDonald's Corp. | Reduce -21.0% | 2.41% | −0.31 |
| AWK American Water Works Co. Inc. | Reduce -25.8% | 1.22% | −0.29 |
| BR Broadridge Financial Solutio | Reduce -34.9% | 0.77% | −0.24 |
| GILD Gilead Sciences Inc. | Reduce -23.5% | 1.05% | −0.24 |
| WSO Watsco Inc. | Reduce -25.1% | 1.90% | −0.24 |
| SPGI S&P Global Inc. | Reduce -24.1% | 1.37% | −0.22 |
| BCE Bce Inc. | Reduce -87.3% | 0.03% | −0.21 |
| MDLZ Mondelez International Inc. Class A | Reduce -24.9% | 1.17% | −0.20 |
| SNA Snap-on Inc. | Reduce -25.4% | 1.76% | −0.19 |
| WEC WEC Energy Group Inc. | Reduce -21.8% | 1.61% | −0.18 |
| ACN Accenture PLC Class A | Reduce -22.2% | 1.69% | −0.18 |
| ATO Atmos Energy Corp. | Reduce -26.0% | 1.42% | −0.17 |
| UPS United Parcel Service Class B | Reduce -24.6% | 0.82% | −0.16 |
| TXN Texas Instruments Inc. | Reduce -25.2% | 1.39% | −0.15 |
| CARR Carrier Global Corp. | Reduce -23.6% | 1.56% | −0.15 |
| POOL Pool Corp. | Reduce -24.6% | 1.19% | −0.13 |
| EQIX Equinix Inc. | Reduce -25.2% | 1.12% | −0.12 |
| STE Steris PLC | Reduce -23.6% | 1.27% | −0.11 |
| BLK BlackRock Finance Inc. | Reduce -22.8% | 1.51% | −0.11 |
| INTU Intuit Inc. | Reduce -23.0% | 1.62% | −0.10 |
| EOG EOG Resources Inc. | Reduce -24.5% | 1.12% | −0.07 |
| O Realty Income Corp. | Reduce -33.4% | 0.18% | −0.07 |
| JKHY Jack Henry & Associates Inc. | Reduce -24.2% | 1.02% | −0.05 |
| NOBL Proshares S&P 500 Dividend A | Sold out | 0.00% | −0.05 |
| ARES Ares Management Corp. Class A | Reduce -29.4% | 0.69% | −0.05 |
| ELV Elevance Health Inc. | Reduce -25.5% | 1.33% | −0.05 |
| VZ Verizon Communications Inc. | Reduce -25.9% | 1.44% | −0.04 |
| MDT Medtronic PLC | Reduce -29.4% | 0.27% | −0.04 |
| KMB Kimberly-Clark Corp. | Reduce -31.7% | 0.21% | −0.04 |
| NDAQ Nasdaq Inc. | Reduce -23.8% | 1.16% | −0.03 |
| OKE Oneok Inc. | Reduce -31.0% | 0.39% | −0.03 |
| ABT Abbott Laboratories | Reduce -19.4% | 1.43% | −0.03 |
| HD Home Depot Inc. | Reduce -24.3% | 2.16% | −0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -45.4% | 0.06% | −0.02 |
| IFLN Invesco Bloomberg Enhanced F | Sold out | 0.00% | −0.02 |
| TROW T Rowe Price Group Inc. | Reduce -32.4% | 0.20% | −0.02 |
| WBA Walgreens Boots Alliance Inc. | Reduce -59.8% | 0.01% | −0.02 |
| STAG Stag Industrial Inc. | Reduce -64.4% | 0.01% | −0.01 |
| GCMG GCM Grosvenor Inc. Class A | Reduce -68.5% | 0.01% | −0.01 |
| LHX L3HARRIS Technologies Inc. | Sold out | 0.00% | −0.01 |
| RSG Republic Services Inc. | Reduce -27.4% | 1.89% | −0.01 |
| CBSH Commerce Bancshares Inc. | Sold out | 0.00% | −0.01 |
| DD Dupont DE Nemours Inc. | Sold out | 0.00% | −0.01 |
| DEO Diageo PLC-Sponsored ADR | Sold out | 0.00% | −0.01 |
| PODD Insulet Corp. | Sold out | 0.00% | −0.01 |
| LULU Lululemon Athletica Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q4 2023 → Q1 2024
| TMUS T-Mobile US Inc. | New | 1.21% | +1.21 |
| ZTS Zoetis Inc. | Add +12447.5% | 1.13% | +1.12 |
| RS Reliance Inc. | Add +9.7% | 1.48% | +0.52 |
| JPM JPMorgan Chase & Co. | Add +0.0% | 0.95% | +0.27 |
| HSY The Hershey Co. | Add +153.4% | 0.28% | +0.19 |
| ADI Analog Devices Inc. | Add +3.5% | 0.49% | +0.09 |
| VRP Invesco Variable Rate Prefer | Add +187.6% | 0.09% | +0.06 |
| SBUX Starbucks Corp. | Add +6.8% | 0.26% | +0.04 |
| AGG iShares Core U.S. Aggregate | Add +97.4% | 0.07% | +0.04 |
| KNSL Kinsale Capital Group Inc. | Add +221.6% | 0.04% | +0.04 |
| CRAI Cra International Inc. | Add +22.2% | 0.06% | +0.03 |
| APH Amphenol Corp. Class A | New | 0.03% | +0.03 |
| PREF Pri Spe Pre Sec Acti-Usd Inc. | Add +13.2% | 0.09% | +0.03 |
| LOW Lowe's Cos Inc. | Add +15.4% | 0.07% | +0.02 |
| PGR Progressive Corp. | Add +2.9% | 0.06% | +0.02 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +134.0% | 0.03% | +0.02 |
| SMH Vaneck Semiconductor ETF | Add +8.6% | 0.06% | +0.02 |
| UBER Uber Technologies Inc. | Add +2.5% | 0.06% | +0.02 |
| ECL Ecolab Inc. | Add +2.1% | 0.07% | +0.02 |
| MAIN Main Street Capital Corp. | Add +4.7% | 0.07% | +0.02 |
| CSWC Capital Southwest Corp. | New | 0.02% | +0.02 |
| XLC SS Comm Select Sector SPDR | Add +23.5% | 0.04% | +0.02 |
| QQQ Invesco QQQ Trust Series 1 | Add +1.3% | 0.07% | +0.02 |
| CTVA Corteva Inc. | New | 0.02% | +0.02 |
| EMR Emerson Electric Co. | Add +1.8% | 0.05% | +0.02 |
| VCIT Vanguard Int-Term Corporate | Add +3.6% | 0.09% | +0.01 |
| DG Dollar General Corp. | Add +7.3% | 0.05% | +0.01 |
| CVS CVS Health Corp. | Add +10.1% | 0.06% | +0.01 |
| TSLX Sixth Street Specialty Lendi | Add +2.3% | 0.09% | +0.01 |
| NOW ServiceNow Inc. | New | 0.01% | +0.01 |
| ROP Roper Technologies Inc. | Add +33.9% | 0.03% | +0.01 |
| TRI Thomson Reuters Corp. | Add +10.2% | 0.04% | +0.01 |
| VWO Vanguard Ftse Emerging Marke | New | 0.01% | +0.01 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | New | 0.01% | +0.01 |
| CME Cme Group Inc. | Add +18.6% | 0.04% | +0.01 |
| PAYX Paychex Inc. | Add +1.4% | 0.06% | +0.01 |
| VCLT Vanguard Long-Term Corp. Bond | Add +7.3% | 0.05% | +0.01 |
| PIO Invesco Global Water ETF | New | 0.01% | +0.01 |
| PFE Pfizer Inc. | Add +18.4% | 0.04% | +0.01 |
| RLI Rli Corp. | New | 0.01% | +0.01 |
| XLE SS Energy Select Sector | New | 0.01% | +0.01 |
| GWW WW Grainger Inc. | New | 0.01% | +0.01 |
| GSK GSK PLC-Spon ADR | Add +21.5% | 0.02% | +0.01 |
| RMD Resmed Inc. | New | 0.01% | +0.01 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +61.9% | 0.02% | +0.01 |
| XLY SS Consumer Disc Select Sect | Add +30.9% | 0.02% | +0.01 |
| AMD Advanced Micro Devices | Add +15.4% | 0.02% | +0.01 |
| XLV SS Health Care Select Sector | Add +4.7% | 0.04% | +0.01 |
| BKH Black Hills Corp. | New | 0.01% | +0.01 |
| BLV Vanguard Long-Term Bond ETF | Add +8.3% | 0.04% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 285 | $1.8B | AAPL, MSFT, APH, CASY, TXN |
| Q1 2026 | 269 | $1.8B | AAPL, MSFT, CASY, MCD, XOM |
| Q4 2025 | 264 | $2.0B | AAPL, MSFT, MCD, ADP, CASY |
| Q3 2025 | 255 | $2.1B | AAPL, MSFT, ADP, MCD, CASY |
| Q2 2025 | 256 | $2.1B | AAPL, MSFT, ADP, MCD, RSG |
| Q1 2025 | 257 | $2.1B | AAPL, MSFT, ADP, MCD, ITW |
| Q4 2024 | 259 | $2.4B | AAPL, MSFT, ADP, MCD, HD |
| Q3 2024 | 266 | $2.5B | AAPL, MSFT, ADP, MCD, HD |
| Q2 2024 | 255 | $2.3B | AAPL, MSFT, ADP, QCOM, MCD |
| Q1 2024 | 260 | $2.3B | AAPL, MSFT, ADP, MCD, ITW |