Dearborn Partners LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 7, 2025), Dearborn Partners LLC reported 259 stock positions worth $2.4 billion. Its top holding was Apple (AAPL) at 6.2% of the portfolio, followed by Microsoft (MSFT, 3.8%) and Automatic Data Processing (ADP, 3.1%). Compared with Q3 2024, it opened 12 new positions, sold out of 19, added to 90 and reduced 122. The biggest buy was Amphenol Class A (APH, shares +5512%) and the biggest sale an exit from Elevance Health (ELV).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001206792
- Portfolio Value
- $2.4B (Q4 2024)
- SEC Filing
- 0001104659-25-010468 ↗ filed Feb 7, 2025
Holdings Value
Holdings 259 stocks · $2.4B
| AAPL Apple Inc. | 6.15% | 586,170 | $146.8M | Reduce -1.2% |
| MSFT Microsoft Corp. | 3.79% | 214,540 | $90.4M | Reduce -0.3% |
| ADP Automatic Data Processing | 3.14% | 255,974 | $74.9M | Reduce -0.0% |
| MCD McDonald's Corp. | 2.36% | 194,699 | $56.4M | Reduce -0.5% |
| HD Home Depot Inc. | 2.14% | 131,327 | $51.1M | Reduce -0.2% |
| ITW Illinois Tool Works | 2.14% | 201,143 | $51.0M | Reduce -1.0% |
| SNA Snap-on Inc. | 1.90% | 133,402 | $45.3M | Reduce -1.1% |
| RSG Republic Services Inc. | 1.88% | 223,168 | $44.9M | Reduce -0.0% |
| WSO Watsco Inc. | 1.88% | 94,485 | $44.8M | Reduce -1.1% |
| MA Mastercard Inc. Class A | 1.86% | 84,282 | $44.4M | Reduce -1.4% |
| WMT Walmart Inc. | 1.85% | 489,327 | $44.2M | Reduce -1.6% |
| XOM Exxon Mobil Corp. | 1.84% | 409,339 | $44.0M | Reduce -0.8% |
| QCOM Qualcomm Inc. | 1.80% | 280,011 | $43.0M | Reduce -1.4% |
| WEC WEC Energy Group Inc. | 1.80% | 456,569 | $42.9M | Add +0.4% |
| TSCO Tractor Supply Company | 1.76% | 789,672 | $41.9M | Reduce -1.9% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 1.71% | 143,366 | $40.7M | Reduce -1.5% |
| BLK BlackRock Finance Inc. | 1.70% | 39,529 | $40.5M | Reduce -1.6% |
| CASY Casey's General Stores Inc. | 1.65% | 99,388 | $39.4M | Reduce -17.8% |
| MKC.V McCormick & Co. Inc. VTG Com | 1.65% | 515,287 | $39.3M | Add +0.5% |
| ACN Accenture PLC Class A | 1.60% | 108,662 | $38.2M | Reduce -1.4% |
| COST Costco Wholesale Corp. | 1.59% | 41,379 | $37.9M | Reduce -2.2% |
| ABBV Abbvie Inc. | 1.58% | 212,142 | $37.7M | Reduce -1.1% |
| SYK Stryker Corp. | 1.57% | 104,311 | $37.6M | Reduce -1.7% |
| ATO Atmos Energy Corp. | 1.57% | 269,437 | $37.5M | Reduce -1.8% |
| MSI Motorola Solutions Inc. | 1.56% | 80,337 | $37.1M | Reduce -1.7% |
| TMUS T-Mobile US Inc. | 1.53% | 164,952 | $36.4M | Reduce -0.6% |
| VZ Verizon Communications Inc. | 1.52% | 908,113 | $36.3M | Reduce -1.1% |
| SHW The Sherwin-Williams Co. | 1.51% | 106,107 | $36.1M | Reduce -1.3% |
| SPGI S&P Global Inc. | 1.47% | 70,354 | $35.0M | Reduce -1.6% |
| INTU Intuit Inc. | 1.46% | 55,480 | $34.9M | Reduce -1.4% |
| TXN Texas Instruments Inc. | 1.42% | 180,306 | $33.8M | Reduce -0.8% |
| FAST Fastenal Co. | 1.41% | 468,274 | $33.7M | Reduce -1.7% |
| ABT Abbott Laboratories | 1.34% | 282,078 | $31.9M | Reduce -1.3% |
| APH Amphenol Corp. Class A | 1.32% | 453,045 | $31.5M | Add +5511.9% |
| NDAQ Nasdaq Inc. | 1.32% | 406,516 | $31.4M | Reduce -1.0% |
| CTVA Corteva Inc. | 1.31% | 547,230 | $31.2M | Add +5353.8% |
| BDX Becton Dickinson and Co. | 1.30% | 137,079 | $31.1M | Reduce -1.4% |
| BR Broadridge Financial Solutio | 1.23% | 129,385 | $29.3M | Reduce -1.6% |
| CTAS Cintas Corp. | 1.20% | 156,740 | $28.6M | Reduce -20.4% |
| EQIX Equinix Inc. | 1.17% | 29,628 | $27.9M | Reduce -0.9% |
| MRK Merck & Co. Inc. | 1.17% | 280,666 | $27.9M | Reduce -1.3% |
| AWK American Water Works Co. Inc. | 1.14% | 218,953 | $27.3M | Reduce -1.8% |
| JPM JPMorgan Chase & Co. | 1.11% | 110,173 | $26.4M | Reduce -0.1% |
| STE Steris PLC | 1.09% | 126,815 | $26.1M | Reduce -1.0% |
| ZTS Zoetis Inc. | 1.01% | 148,333 | $24.2M | Reduce -2.2% |
| EOG EOG Resources Inc. | 1.00% | 194,112 | $23.8M | Reduce -1.8% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 0.95% | 129,918 | $22.8M | Reduce -1.7% |
| MDLZ Mondelez International Inc. Class A | 0.91% | 365,321 | $21.8M | Reduce -3.3% |
| ARES Ares Management Corp. Class A | 0.91% | 122,306 | $21.7M | Add +0.7% |
| POOL Pool Corp. | 0.88% | 61,729 | $21.0M | Reduce -2.9% |
| RS Reliance Inc. | 0.79% | 70,354 | $18.9M | Reduce -18.6% |
| NEE Nextera Energy Inc. | 0.72% | 238,786 | $17.1M | Reduce -0.4% |
| JNJ Johnson & Johnson | 0.66% | 108,769 | $15.7M | Reduce -0.2% |
| UPS United Parcel Service Class B | 0.64% | 120,399 | $15.2M | Reduce -3.8% |
| GD General Dynamics Corp. | 0.63% | 57,359 | $15.1M | Add +0.5% |
| CAT Caterpillar Inc. | 0.60% | 39,486 | $14.3M | Add +0.0% |
| LIN Linde PLC | 0.55% | 31,474 | $13.2M | Add +0.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.52% | 56,677 | $12.5M | Add +1.3% |
| PEP Pepsico Inc. | 0.50% | 78,487 | $11.9M | Add +0.3% |
| RPM RPM International Inc. | 0.49% | 95,563 | $11.8M | Add +0.1% |
| PG The Procter & Gamble Co. | 0.48% | 68,221 | $11.4M | Add +0.0% |
| OKE Oneok Inc. | 0.47% | 111,198 | $11.2M | Add +0.7% |
| CVX Chevron Corp. | 0.40% | 66,705 | $9.7M | Reduce -0.5% |
| UNP Union Pacific Corp. | 0.37% | 38,586 | $8.8M | Add +0.1% |
| RTX RTX Corp. | 0.35% | 72,743 | $8.4M | Add +0.1% |
| APD Air Products & Chemicals Inc. | 0.35% | 28,877 | $8.4M | Add +1.0% |
| GILD Gilead Sciences Inc. | 0.35% | 90,401 | $8.4M | Reduce -71.7% |
| KO The Coca-Cola Co. | 0.26% | 99,794 | $6.2M | Reduce -2.9% |
| HSY The Hershey Co. | 0.25% | 35,899 | $6.1M | Add +2.7% |
| NVS Novartis AG-Sponsored ADR | 0.25% | 62,401 | $6.1M | Add +0.1% |
| MDT Medtronic PLC | 0.24% | 72,027 | $5.8M | Add +7.9% |
| GOOGL Alphabet Inc. Class A | 0.22% | 28,293 | $5.4M | Reduce -1.3% |
| O Realty Income Corp. | 0.21% | 94,774 | $5.1M | Reduce -0.8% |
| SBUX Starbucks Corp. | 0.21% | 54,144 | $4.9M | Reduce -1.2% |
| KMB Kimberly-Clark Corp. | 0.21% | 37,397 | $4.9M | Add +1.2% |
| AMZN Amazon.com Inc. | 0.20% | 21,547 | $4.7M | Reduce -1.2% |
| CARR Carrier Global Corp. | 0.18% | 64,422 | $4.4M | Reduce -1.1% |
| V Visa Inc. Class A | 0.18% | 13,351 | $4.2M | Reduce -1.3% |
| NVDA Nvidia Corp. | 0.18% | 31,306 | $4.2M | Reduce -3.2% |
| LLY Eli Lilly & Co. | 0.16% | 4,942 | $3.8M | Add +5.1% |
| SO The Southern Co. | 0.13% | 38,184 | $3.1M | Reduce -0.5% |
| DE Deere & Co. | 0.12% | 6,853 | $2.9M | Add +14.9% |
| BX Blackstone Inc. | 0.11% | 14,868 | $2.6M | Reduce -5.1% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.10% | 35,179 | $2.4M | Add +41.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.09% | 3,539 | $2.1M | Add +49.5% |
| MAIN Main Street Capital Corp. | 0.09% | 35,354 | $2.1M | Add +0.3% |
| VRP Invesco Variable Rate Prefer | 0.09% | 84,623 | $2.0M | Add +0.3% |
| PREF Pri Spe Pre Sec Acti-Usd Inc. | 0.08% | 108,156 | $2.0M | Add +0.2% |
| ADI Analog Devices Inc. | 0.08% | 9,400 | $2.0M | Add +2.3% |
| GOOG Alphabet Inc. Class C | 0.08% | 10,481 | $2.0M | Reduce -1.4% |
| VCIT Vanguard Int-Term Corporate | 0.08% | 23,149 | $1.9M | Reduce -1.4% |
| QQQ Invesco QQQ Trust Series 1 | 0.07% | 3,391 | $1.7M | Reduce -0.9% |
| OTIS Otis Worldwide Corp. | 0.07% | 17,661 | $1.6M | Add +0.1% |
| CRM Salesforce Inc. | 0.07% | 4,803 | $1.6M | Reduce -1.0% |
| PGR Progressive Corp. | 0.07% | 6,637 | $1.6M | Reduce -0.4% |
| HON Honeywell International Inc. | 0.07% | 7,022 | $1.6M | Add +0.4% |
| ECL Ecolab Inc. | 0.07% | 6,763 | $1.6M | Reduce -1.5% |
| PAYX Paychex Inc. | 0.07% | 11,234 | $1.6M | Add +3.2% |
| LOW Lowe's Cos Inc. | 0.06% | 6,227 | $1.5M | Add +3.4% |
| AVGO Broadcom Inc. | 0.06% | 6,593 | $1.5M | Add +0.8% |
Portfolio Sells Q3 2024 → Q4 2024
| ELV Elevance Health Inc. | Sold out | 0.00% | −1.21 |
| GILD Gilead Sciences Inc. | Reduce -71.7% | 0.35% | −0.74 |
| CTAS Cintas Corp. | Reduce -20.4% | 1.20% | −0.45 |
| RS Reliance Inc. | Reduce -18.6% | 0.79% | −0.22 |
| MDLZ Mondelez International Inc. Class A | Reduce -3.3% | 0.91% | −0.21 |
| CASY Casey's General Stores Inc. | Reduce -17.8% | 1.65% | −0.19 |
| ZTS Zoetis Inc. | Reduce -2.2% | 1.01% | −0.19 |
| AWK American Water Works Co. Inc. | Reduce -1.8% | 1.14% | −0.18 |
| STE Steris PLC | Reduce -1.0% | 1.09% | −0.17 |
| QCOM Qualcomm Inc. | Reduce -1.4% | 1.80% | −0.16 |
| SHW The Sherwin-Williams Co. | Reduce -1.3% | 1.51% | −0.15 |
| VZ Verizon Communications Inc. | Reduce -1.1% | 1.52% | −0.15 |
| TSCO Tractor Supply Company | Reduce -1.9% | 1.76% | −0.15 |
| MRK Merck & Co. Inc. | Reduce -1.3% | 1.17% | −0.14 |
| ABBV Abbvie Inc. | Reduce -1.1% | 1.58% | −0.14 |
| XOM Exxon Mobil Corp. | Reduce -0.8% | 1.84% | −0.12 |
| TXN Texas Instruments Inc. | Reduce -0.8% | 1.42% | −0.11 |
| NEE Nextera Energy Inc. | Reduce -0.4% | 0.72% | −0.11 |
| POOL Pool Corp. | Reduce -2.9% | 0.88% | −0.09 |
| JNJ Johnson & Johnson | Reduce -0.2% | 0.66% | −0.06 |
| BDX Becton Dickinson and Co. | Reduce -1.4% | 1.30% | −0.06 |
| UPS United Parcel Service Class B | Reduce -3.8% | 0.64% | −0.06 |
| MCD McDonald's Corp. | Reduce -0.5% | 2.36% | −0.05 |
| KO The Coca-Cola Co. | Reduce -2.9% | 0.26% | −0.04 |
| O Realty Income Corp. | Reduce -0.8% | 0.21% | −0.03 |
| WSO Watsco Inc. | Reduce -1.1% | 1.88% | −0.03 |
| SPGI S&P Global Inc. | Reduce -1.6% | 1.47% | −0.03 |
| CARR Carrier Global Corp. | Reduce -1.1% | 0.18% | −0.03 |
| ITW Illinois Tool Works | Reduce -1.0% | 2.14% | −0.02 |
| HD Home Depot Inc. | Reduce -0.2% | 2.14% | −0.02 |
| IBDP iShares Ibonds Dec 2024 Term | Sold out | 0.00% | −0.02 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.02 |
| FSLR First Solar Inc. | Sold out | 0.00% | −0.02 |
| BCE Bce Inc. | Sold out | 0.00% | −0.02 |
| CVS CVS Health Corp. | Sold out | 0.00% | −0.02 |
| IBTF iShares Ibonds Dec 2025 Term | Sold out | 0.00% | −0.02 |
| TMO Thermo Fisher Scientific Inc. | Sold out | 0.00% | −0.01 |
| NEM Newmont Corp. | Sold out | 0.00% | −0.01 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −0.01 |
| SPG Simon Property Group Inc. | Sold out | 0.00% | −0.01 |
| UBER Uber Technologies Inc. | Reduce -0.0% | 0.05% | −0.01 |
| NKE Nike Inc. Class B | Reduce -23.4% | 0.02% | −0.01 |
| XBI SS SPDR S&P Biotech ETF | Sold out | 0.00% | −0.01 |
| AGG iShares Core U.S. Aggregate | Reduce -13.6% | 0.06% | −0.01 |
| SBUX Starbucks Corp. | Reduce -1.2% | 0.21% | −0.01 |
| GGG Graco Inc. | Sold out | 0.00% | −0.01 |
| XLE SS Energy Select Sector | Sold out | 0.00% | −0.01 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.01 |
| SJM The JM Smucker Co. | Sold out | 0.00% | −0.01 |
| OWL Blue Owl Capital Inc. | Reduce -50.5% | 0.01% | −0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| APH Amphenol Corp. Class A | Add +5511.9% | 1.32% | +1.30 |
| CTVA Corteva Inc. | Add +5353.8% | 1.31% | +1.28 |
| ARES Ares Management Corp. Class A | Add +0.7% | 0.91% | +0.14 |
| OKE Oneok Inc. | Add +0.7% | 0.47% | +0.06 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +41.7% | 0.10% | +0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +49.5% | 0.09% | +0.03 |
| RPM RPM International Inc. | Add +0.1% | 0.49% | +0.02 |
| WEC WEC Energy Group Inc. | Add +0.4% | 1.80% | +0.02 |
| IBDU iShares Ibonds Dec 2029 Term | New | 0.02% | +0.02 |
| DE Deere & Co. | Add +14.9% | 0.12% | +0.02 |
| IBM Intl Business Machines Corp. | Add +1.3% | 0.52% | +0.02 |
| NOBL Proshares S&P 500 Dividend A | New | 0.02% | +0.02 |
| AVGO Broadcom Inc. | Add +0.8% | 0.06% | +0.02 |
| ODFL Old Dominion Freight Line | New | 0.02% | +0.02 |
| MAIN Main Street Capital Corp. | Add +0.3% | 0.09% | +0.01 |
| GS Goldman Sachs Group Inc. | New | 0.01% | +0.01 |
| MCO Moody's Corp. | New | 0.01% | +0.01 |
| RCL Royal Caribbean Cruises Ltd. | New | 0.01% | +0.01 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.01% | +0.01 |
| CSCO Cisco Systems Inc. | Add +7.5% | 0.05% | +0.01 |
| ISHARES TR | Add +42.6% | 0.03% | +0.01 |
| GE General Electric | New | 0.01% | +0.01 |
| WMB Williams Cos Inc. | Add +3.6% | 0.04% | +0.01 |
| BMY Bristol-Myers Squibb Co. | New | 0.01% | +0.01 |
| XLRE SS Real Estate Select Sector | New | 0.01% | +0.01 |
| DOV Dover Corp. | New | 0.01% | +0.01 |
| CINF Cincinnati Financial Corp. | New | 0.01% | +0.01 |
| HON Honeywell International Inc. | Add +0.4% | 0.07% | +0.01 |
| XLC SS Comm Select Sector SPDR | Add +4.6% | 0.06% | +0.01 |
| XLK SS Technology Select Sector | Add +20.1% | 0.03% | +0.01 |
| PAYX Paychex Inc. | Add +3.2% | 0.07% | +0.01 |
| C Citigroup Inc. | Add +14.1% | 0.02% | +0.01 |
| APD Air Products & Chemicals Inc. | Add +1.0% | 0.35% | +0.01 |
| MORN Morningstar Inc. | Add +25.7% | 0.02% | +0.01 |
| TSM Taiwan Semiconductor-SP ADR | Add +3.3% | 0.03% | +0.00 |
| NOW ServiceNow Inc. | Add +1.1% | 0.02% | +0.00 |
| TSLX Sixth Street Specialty Lendi | Add +1.3% | 0.05% | +0.00 |
| CRS Carpenter Technology | Add +9.3% | 0.02% | +0.00 |
| GWW WW Grainger Inc. | Add +20.3% | 0.01% | +0.00 |
| IJH iShares Core S&P Midcap ETF | Add +4.8% | 0.03% | +0.00 |
| DLR Digital Realty Trust Inc. | Add +2.3% | 0.02% | +0.00 |
| T AT&T Inc. | Add +0.0% | 0.04% | +0.00 |
| XEL Xcel Energy Inc. | Add +0.2% | 0.03% | +0.00 |
| ORLY O'reilly Automotive Inc. | Add +6.7% | 0.02% | +0.00 |
| VRP Invesco Variable Rate Prefer | Add +0.3% | 0.09% | +0.00 |
| SCHA Schwab US Small-Cap ETF | Add +18.2% | 0.01% | +0.00 |
| CME Cme Group Inc. | Add +5.4% | 0.01% | +0.00 |
| PREF Pri Spe Pre Sec Acti-Usd Inc. | Add +0.2% | 0.08% | +0.00 |
| META Meta Platforms Inc. Class A | Add +2.1% | 0.02% | +0.00 |
| MU Micron Technology Inc. | Add +36.9% | 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 |