Dearborn Partners LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 6, 2024), Dearborn Partners LLC reported 266 stock positions worth $2.5 billion. Its top holding was Apple (AAPL) at 5.6% of the portfolio, followed by Microsoft (MSFT, 3.8%) and Automatic Data Processing (ADP, 2.9%). Compared with Q2 2024, it opened 18 new positions, sold out of 7, added to 74 and reduced 121. The biggest buy was McCormick & Co. Inc. VTG Com (MKC.V, shares +33%) and the biggest sale Costco Wholesale (COST, shares −26%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001206792
- Portfolio Value
- $2.5B (Q3 2024)
- SEC Filing
- 0001104659-24-114608 ↗ filed Nov 6, 2024
Holdings Value
Holdings 266 stocks · $2.5B
| AAPL Apple Inc. | 5.61% | 593,539 | $138.3M | Reduce -3.5% |
| MSFT Microsoft Corp. | 3.76% | 215,073 | $92.5M | Reduce -1.0% |
| ADP Automatic Data Processing | 2.88% | 256,069 | $70.9M | Reduce -2.3% |
| MCD McDonald's Corp. | 2.42% | 195,706 | $59.6M | Reduce -1.8% |
| HD Home Depot Inc. | 2.16% | 131,544 | $53.3M | Reduce -3.7% |
| ITW Illinois Tool Works | 2.16% | 203,124 | $53.2M | Reduce -1.9% |
| XOM Exxon Mobil Corp. | 1.96% | 412,473 | $48.4M | Reduce -2.5% |
| QCOM Qualcomm Inc. | 1.96% | 283,931 | $48.3M | Reduce -3.4% |
| WSO Watsco Inc. | 1.91% | 95,575 | $47.0M | Reduce -4.1% |
| TSCO Tractor Supply Company | 1.90% | 161,008 | $46.8M | Reduce -4.5% |
| CASY Casey's General Stores Inc. | 1.84% | 120,870 | $45.4M | Reduce -3.6% |
| RSG Republic Services Inc. | 1.82% | 223,214 | $44.8M | Reduce -2.7% |
| WEC WEC Energy Group Inc. | 1.78% | 454,737 | $43.7M | Reduce -2.0% |
| ABBV Abbvie Inc. | 1.72% | 214,407 | $42.3M | Reduce -2.5% |
| MA Mastercard Inc. Class A | 1.71% | 85,474 | $42.2M | Reduce -4.2% |
| MKC.V McCormick & Co. Inc. VTG Com | 1.71% | 512,820 | $42.2M | Add +32.6% |
| VZ Verizon Communications Inc. | 1.67% | 918,687 | $41.3M | Reduce -1.6% |
| SHW The Sherwin-Williams Co. | 1.66% | 107,447 | $41.0M | Reduce -2.2% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 1.66% | 145,549 | $41.0M | Reduce -4.2% |
| CTAS Cintas Corp. | 1.65% | 197,002 | $40.6M | Reduce -1.9% |
| WMT Walmart Inc. | 1.63% | 497,283 | $40.2M | Reduce -1.6% |
| SNA Snap-on Inc. | 1.59% | 134,823 | $39.1M | Reduce -2.4% |
| ACN Accenture PLC Class A | 1.58% | 110,224 | $39.0M | Reduce -2.8% |
| SYK Stryker Corp. | 1.56% | 106,067 | $38.3M | Reduce -4.3% |
| BLK BlackRock Finance Inc. | 1.55% | 40,192 | $38.2M | Reduce -4.6% |
| ATO Atmos Energy Corp. | 1.54% | 274,285 | $38.0M | Reduce -2.2% |
| TXN Texas Instruments Inc. | 1.52% | 181,769 | $37.5M | Reduce -2.1% |
| COST Costco Wholesale Corp. | 1.52% | 42,300 | $37.5M | Reduce -25.9% |
| SPGI S&P Global Inc. | 1.50% | 71,535 | $37.0M | Reduce -4.4% |
| MSI Motorola Solutions Inc. | 1.49% | 81,760 | $36.8M | Reduce -2.2% |
| INTU Intuit Inc. | 1.42% | 56,238 | $34.9M | Reduce -3.6% |
| TMUS T-Mobile US Inc. | 1.39% | 165,870 | $34.2M | Reduce -2.8% |
| FAST Fastenal Co. | 1.38% | 476,208 | $34.0M | Reduce -2.4% |
| BDX Becton Dickinson and Co. | 1.36% | 138,959 | $33.5M | Reduce -1.8% |
| AWK American Water Works Co. Inc. | 1.32% | 223,064 | $32.6M | Reduce -2.6% |
| ABT Abbott Laboratories | 1.32% | 285,697 | $32.6M | Reduce -1.8% |
| MRK Merck & Co. Inc. | 1.31% | 284,419 | $32.3M | Reduce -2.3% |
| STE Steris PLC | 1.26% | 128,117 | $31.1M | Reduce -1.7% |
| NDAQ Nasdaq Inc. | 1.22% | 410,483 | $30.0M | Reduce -3.3% |
| ELV Elevance Health Inc. | 1.21% | 57,547 | $29.9M | Reduce -2.8% |
| ZTS Zoetis Inc. | 1.20% | 151,730 | $29.6M | Reduce -2.4% |
| BR Broadridge Financial Solutio | 1.15% | 131,497 | $28.3M | Reduce -2.7% |
| MDLZ Mondelez International Inc. Class A | 1.13% | 377,604 | $27.8M | Reduce -2.4% |
| GILD Gilead Sciences Inc. | 1.09% | 319,125 | $26.8M | Reduce -3.6% |
| EQIX Equinix Inc. | 1.08% | 29,908 | $26.5M | Reduce -3.0% |
| RS Reliance Inc. | 1.01% | 86,406 | $25.0M | Add +4.1% |
| EOG EOG Resources Inc. | 0.99% | 197,618 | $24.3M | Reduce -2.6% |
| POOL Pool Corp. | 0.97% | 63,586 | $24.0M | Reduce -5.6% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 0.95% | 132,145 | $23.3M | Reduce -2.3% |
| JPM JPMorgan Chase & Co. | 0.94% | 110,223 | $23.2M | Reduce -0.2% |
| NEE Nextera Energy Inc. | 0.82% | 239,686 | $20.3M | Reduce -0.8% |
| ARES Ares Management Corp. Class A | 0.77% | 121,447 | $18.9M | Reduce -3.5% |
| JNJ Johnson & Johnson | 0.72% | 108,980 | $17.7M | Reduce -0.5% |
| GD General Dynamics Corp. | 0.70% | 57,065 | $17.2M | Add +0.3% |
| UPS United Parcel Service Class B | 0.69% | 125,195 | $17.1M | Reduce -2.6% |
| CAT Caterpillar Inc. | 0.63% | 39,485 | $15.4M | No change |
| LIN Linde PLC | 0.61% | 31,388 | $15.0M | Add +0.3% |
| PEP Pepsico Inc. | 0.54% | 78,291 | $13.3M | Add +0.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.50% | 55,941 | $12.4M | Reduce -0.6% |
| PG The Procter & Gamble Co. | 0.48% | 68,207 | $11.8M | Reduce -0.2% |
| RPM RPM International Inc. | 0.47% | 95,492 | $11.6M | Reduce -0.1% |
| OKE Oneok Inc. | 0.41% | 110,450 | $10.1M | Reduce -1.0% |
| CVX Chevron Corp. | 0.40% | 67,057 | $9.9M | Reduce -0.2% |
| UNP Union Pacific Corp. | 0.39% | 38,564 | $9.5M | Reduce -3.2% |
| RTX RTX Corp. | 0.36% | 72,633 | $8.8M | Reduce -0.8% |
| APD Air Products & Chemicals Inc. | 0.35% | 28,600 | $8.5M | Reduce -7.4% |
| KO The Coca-Cola Co. | 0.30% | 102,799 | $7.4M | Add +0.1% |
| NVS Novartis AG-Sponsored ADR | 0.29% | 62,334 | $7.2M | Add +0.0% |
| HSY The Hershey Co. | 0.27% | 34,949 | $6.7M | Reduce -0.3% |
| O Realty Income Corp. | 0.25% | 95,537 | $6.1M | Add +1.6% |
| MDT Medtronic PLC | 0.24% | 66,775 | $6.0M | Reduce -3.1% |
| SBUX Starbucks Corp. | 0.22% | 54,800 | $5.3M | Reduce -17.2% |
| KMB Kimberly-Clark Corp. | 0.21% | 36,960 | $5.3M | Reduce -1.6% |
| CARR Carrier Global Corp. | 0.21% | 65,152 | $5.2M | Reduce -1.7% |
| GOOGL Alphabet Inc. Class A | 0.19% | 28,661 | $4.8M | Add +2.8% |
| LLY Eli Lilly & Co. | 0.17% | 4,703 | $4.2M | Add +1.2% |
| AMZN Amazon.com Inc. | 0.16% | 21,807 | $4.1M | Add +8.6% |
| NVDA Nvidia Corp. | 0.16% | 32,331 | $3.9M | Reduce -9.7% |
| V Visa Inc. Class A | 0.15% | 13,531 | $3.7M | Reduce -4.2% |
| SO The Southern Co. | 0.14% | 38,392 | $3.5M | Reduce -0.0% |
| DE Deere & Co. | 0.10% | 5,962 | $2.5M | Reduce -2.1% |
| BX Blackstone Inc. | 0.10% | 15,668 | $2.4M | Reduce -3.2% |
| ADI Analog Devices Inc. | 0.09% | 9,191 | $2.1M | Reduce -25.6% |
| VRP Invesco Variable Rate Prefer | 0.08% | 84,415 | $2.1M | Add +1.8% |
| PREF Pri Spe Pre Sec Acti-Usd Inc. | 0.08% | 107,905 | $2.0M | Add +1.8% |
| VCIT Vanguard Int-Term Corporate | 0.08% | 23,470 | $2.0M | Add +1.8% |
| OTIS Otis Worldwide Corp. | 0.07% | 17,636 | $1.8M | No change |
| AGG iShares Core U.S. Aggregate | 0.07% | 17,616 | $1.8M | Add +0.8% |
| GOOG Alphabet Inc. Class C | 0.07% | 10,628 | $1.8M | Add +7.4% |
| MAIN Main Street Capital Corp. | 0.07% | 35,267 | $1.8M | Add +3.0% |
| ECL Ecolab Inc. | 0.07% | 6,863 | $1.8M | No change |
| PGR Progressive Corp. | 0.07% | 6,666 | $1.7M | Add +2.3% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.07% | 24,826 | $1.7M | Add +8.2% |
| QQQ Invesco QQQ Trust Series 1 | 0.07% | 3,423 | $1.7M | Reduce -2.2% |
| LOW Lowe's Cos Inc. | 0.07% | 6,024 | $1.6M | Add +2.3% |
| UBER Uber Technologies Inc. | 0.07% | 21,332 | $1.6M | Add +3.9% |
| PAYX Paychex Inc. | 0.06% | 10,884 | $1.5M | Add +5.0% |
| HON Honeywell International Inc. | 0.06% | 6,997 | $1.4M | Reduce -1.1% |
| SMH Vaneck Semiconductor ETF | 0.06% | 5,658 | $1.4M | Reduce -3.4% |
| KNSL Kinsale Capital Group Inc. | 0.06% | 2,930 | $1.4M | Reduce -23.6% |
Portfolio Sells Q2 2024 → Q3 2024
| COST Costco Wholesale Corp. | Reduce -25.9% | 1.52% | −0.57 |
| QCOM Qualcomm Inc. | Reduce -3.4% | 1.96% | −0.57 |
| MSFT Microsoft Corp. | Reduce -1.0% | 3.76% | −0.44 |
| MRK Merck & Co. Inc. | Reduce -2.3% | 1.31% | −0.25 |
| INTU Intuit Inc. | Reduce -3.6% | 1.42% | −0.24 |
| CASY Casey's General Stores Inc. | Reduce -3.6% | 1.84% | −0.23 |
| ELV Elevance Health Inc. | Reduce -2.8% | 1.21% | −0.17 |
| XOM Exxon Mobil Corp. | Reduce -2.5% | 1.96% | −0.14 |
| EOG EOG Resources Inc. | Reduce -2.6% | 0.99% | −0.12 |
| RSG Republic Services Inc. | Reduce -2.7% | 1.82% | −0.11 |
| WSO Watsco Inc. | Reduce -4.1% | 1.91% | −0.09 |
| SYK Stryker Corp. | Reduce -4.3% | 1.56% | −0.07 |
| BDX Becton Dickinson and Co. | Reduce -1.8% | 1.36% | −0.07 |
| UPS United Parcel Service Class B | Reduce -2.6% | 0.69% | −0.07 |
| TSCO Tractor Supply Company | Reduce -4.5% | 1.90% | −0.07 |
| CVX Chevron Corp. | Reduce -0.2% | 0.40% | −0.05 |
| AJG Arthur J Gallagher & Co. | Reduce -4.2% | 1.66% | −0.04 |
| DG Dollar General Corp. | Sold out | 0.00% | −0.04 |
| TXN Texas Instruments Inc. | Reduce -2.1% | 1.52% | −0.04 |
| ADI Analog Devices Inc. | Reduce -25.6% | 0.09% | −0.04 |
| CRAI Cra International Inc. | Reduce -42.4% | 0.04% | −0.03 |
| NVDA Nvidia Corp. | Reduce -9.7% | 0.16% | −0.03 |
| TSLX Sixth Street Specialty Lendi | Reduce -32.3% | 0.05% | −0.03 |
| FSV Firstservice Corp. | Reduce -73.5% | 0.01% | −0.03 |
| NKE Nike Inc. Class B | Reduce -46.6% | 0.03% | −0.02 |
| JKHY Jack Henry & Associates Inc. | Reduce -2.3% | 0.95% | −0.02 |
| TRI Thomson Reuters Corp. | Reduce -45.3% | 0.03% | −0.02 |
| JPM JPMorgan Chase & Co. | Reduce -0.2% | 0.94% | −0.02 |
| ODFL Old Dominion Freight Line | Sold out | 0.00% | −0.02 |
| CME Cme Group Inc. | Reduce -63.1% | 0.01% | −0.02 |
| VRSK Verisk Analytics Inc. | Sold out | 0.00% | −0.02 |
| CVS CVS Health Corp. | Reduce -47.2% | 0.02% | −0.02 |
| APH Amphenol Corp. Class A | Reduce -34.2% | 0.02% | −0.01 |
| MRNA Moderna Inc. | Sold out | 0.00% | −0.01 |
| ALB Albemarle Corp. | Sold out | 0.00% | −0.01 |
| KMB Kimberly-Clark Corp. | Reduce -1.6% | 0.21% | −0.01 |
| INTC Intel Corp. | Sold out | 0.00% | −0.01 |
| ROP Roper Technologies Inc. | Reduce -22.6% | 0.03% | −0.01 |
| SMH Vaneck Semiconductor ETF | Reduce -3.4% | 0.06% | −0.01 |
| V Visa Inc. Class A | Reduce -4.2% | 0.15% | −0.01 |
| COP Conocophillips | Sold out | 0.00% | −0.01 |
| KNSL Kinsale Capital Group Inc. | Reduce -23.6% | 0.06% | −0.01 |
| PG The Procter & Gamble Co. | Reduce -0.2% | 0.48% | −0.01 |
| CRM Salesforce Inc. | Reduce -11.6% | 0.05% | −0.01 |
| HON Honeywell International Inc. | Reduce -1.1% | 0.06% | −0.01 |
| HSY The Hershey Co. | Reduce -0.3% | 0.27% | −0.01 |
| BA The Boeing Co. | Reduce -0.2% | 0.02% | −0.01 |
| SBUX Starbucks Corp. | Reduce -17.2% | 0.22% | −0.01 |
| VWO Vanguard Ftse Emerging Marke | Reduce -30.8% | 0.01% | −0.01 |
| AMLP Alerian MLP ETF | Reduce -0.7% | 0.05% | −0.00 |
Portfolio Buys Q2 2024 → Q3 2024
| MKC.V McCormick & Co. Inc. VTG Com | Add +32.6% | 1.71% | +0.53 |
| O Realty Income Corp. | Add +1.6% | 0.25% | +0.03 |
| OWL Blue Owl Capital Inc. | New | 0.02% | +0.02 |
| VBTLX Vanguard TTL BD MKT Idx-Adm | New | 0.02% | +0.02 |
| C Citigroup Inc. | New | 0.02% | +0.02 |
| NSSC Napco Security Technologies | New | 0.02% | +0.02 |
| KO The Coca-Cola Co. | Add +0.1% | 0.30% | +0.02 |
| BSCQ Invesco Bulletshares 2026 CB | New | 0.02% | +0.02 |
| IBTF iShares Ibonds Dec 2025 Term | New | 0.02% | +0.02 |
| LIN Linde PLC | Add +0.3% | 0.61% | +0.01 |
| MORN Morningstar Inc. | New | 0.01% | +0.01 |
| NEM Newmont Corp. | New | 0.01% | +0.01 |
| UNH Unitedhealth Group Inc. | New | 0.01% | +0.01 |
| MU Micron Technology Inc. | New | 0.01% | +0.01 |
| PGR Progressive Corp. | Add +2.3% | 0.07% | +0.01 |
| LOW Lowe's Cos Inc. | Add +2.3% | 0.07% | +0.01 |
| TRP TC Energy Corp. | New | 0.01% | +0.01 |
| BABA Alibaba Group Holding-SP ADR | New | 0.01% | +0.01 |
| LMT Lockheed Martin Corp. | Add +2.3% | 0.05% | +0.01 |
| SCHA Schwab US Small-Cap ETF | New | 0.01% | +0.01 |
| STT State Street Corp. | New | 0.01% | +0.01 |
| NOC Northrop Grumman Corp. | New | 0.01% | +0.01 |
| XLF SS Financial Select Sector | New | 0.01% | +0.01 |
| MO Altria Group Inc. | New | 0.01% | +0.01 |
| GPCR Structure Therapeutics Inc. | New | 0.01% | +0.01 |
| CTVA Corteva Inc. | Add +47.8% | 0.02% | +0.01 |
| PSA Public Storage | Add +5.2% | 0.04% | +0.01 |
| PAYX Paychex Inc. | Add +5.0% | 0.06% | +0.01 |
| XLV SS Health Care Select Sector | Add +16.2% | 0.04% | +0.01 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +8.2% | 0.07% | +0.00 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +10.3% | 0.02% | +0.00 |
| AFL Aflac Inc. | Add +3.5% | 0.03% | +0.00 |
| NFLX Netflix Inc. | Add +19.4% | 0.03% | +0.00 |
| XEL Xcel Energy Inc. | Add +1.2% | 0.03% | +0.00 |
| NSC Norfolk Southern Corp. | Add +1.6% | 0.04% | +0.00 |
| NVS Novartis AG-Sponsored ADR | Add +0.0% | 0.29% | +0.00 |
| XLC SS Comm Select Sector SPDR | Add +9.7% | 0.05% | +0.00 |
| UL Unilever PLC | Add +0.2% | 0.04% | +0.00 |
| AEP American Electric Power | Add +5.6% | 0.03% | +0.00 |
| CB Chubb Ltd. | Add +10.9% | 0.02% | +0.00 |
| VEA Vanguard Ftse Developed ETF | Add +10.9% | 0.03% | +0.00 |
| NOW ServiceNow Inc. | Add +7.6% | 0.02% | +0.00 |
| CAVA Cava Group Inc. | Add +2.1% | 0.01% | +0.00 |
| BEPC Brookfield Renewable Cor-A | Add +3.2% | 0.02% | +0.00 |
| DUK Duke Energy Corp. | Add +0.1% | 0.03% | +0.00 |
| PFE Pfizer Inc. | Add +7.9% | 0.05% | +0.00 |
| ORLY O'reilly Automotive Inc. | Add +11.3% | 0.02% | +0.00 |
| XLI SS Industrial Select Sector | Add +11.0% | 0.01% | +0.00 |
| DVY iShares Select Dividend ETF | Add +2.6% | 0.02% | +0.00 |
| NGG National Grid PLC-SP ADR | Add +1.3% | 0.01% | +0.00 |
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 |