Dearborn Partners LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 8, 2025), Dearborn Partners LLC reported 257 stock positions worth $2.1 billion. Its top holding was Apple (AAPL) at 5.3% of the portfolio, followed by Microsoft (MSFT, 3.5%) and Automatic Data Processing (ADP, 3.3%). Compared with Q4 2024, it opened 16 new positions, sold out of 18, added to 43 and reduced 164. The biggest buy was Procter & Gamble (PG, shares +205%) and the biggest sale BlackRock Finance (BLK, shares −88%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001206792
- Portfolio Value
- $2.1B (Q1 2025)
- SEC Filing
- 0001104659-25-045964 ↗ filed May 8, 2025
Holdings Value
Holdings 257 stocks · $2.1B
| AAPL Apple Inc. | 5.33% | 499,877 | $111.0M | Reduce -14.7% |
| MSFT Microsoft Corp. | 3.50% | 194,144 | $72.9M | Reduce -9.5% |
| ADP Automatic Data Processing | 3.32% | 226,321 | $69.1M | Reduce -11.6% |
| MCD McDonald's Corp. | 2.52% | 168,062 | $52.5M | Reduce -13.7% |
| ITW Illinois Tool Works | 2.10% | 176,510 | $43.8M | Reduce -12.3% |
| RSG Republic Services Inc. | 2.10% | 180,422 | $43.7M | Reduce -19.1% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 2.05% | 123,562 | $42.7M | Reduce -13.8% |
| WEC WEC Energy Group Inc. | 1.97% | 377,467 | $41.1M | Reduce -17.3% |
| HD Home Depot Inc. | 1.92% | 109,272 | $40.0M | Reduce -16.8% |
| XOM Exxon Mobil Corp. | 1.91% | 333,915 | $39.7M | Reduce -18.4% |
| MA Mastercard Inc. Class A | 1.90% | 72,024 | $39.5M | Reduce -14.5% |
| WSO Watsco Inc. | 1.89% | 77,608 | $39.4M | Reduce -17.9% |
| SNA Snap-on Inc. | 1.75% | 108,441 | $36.5M | Reduce -18.7% |
| QCOM Qualcomm Inc. | 1.75% | 236,728 | $36.4M | Reduce -15.5% |
| ABBV Abbvie Inc. | 1.73% | 172,260 | $36.1M | Reduce -18.8% |
| TSCO Tractor Supply Company | 1.72% | 649,542 | $35.8M | Reduce -17.8% |
| MKC.V McCormick & Co. Inc. VTG Com | 1.71% | 431,695 | $35.5M | Reduce -16.2% |
| PG The Procter & Gamble Co. | 1.70% | 208,225 | $35.5M | Add +205.2% |
| TMUS T-Mobile US Inc. | 1.69% | 131,996 | $35.2M | Reduce -20.0% |
| CASY Casey's General Stores Inc. | 1.69% | 81,067 | $35.2M | Reduce -18.4% |
| WMT Walmart Inc. | 1.68% | 398,784 | $35.0M | Reduce -18.5% |
| VZ Verizon Communications Inc. | 1.62% | 742,031 | $33.7M | Reduce -18.3% |
| ATO Atmos Energy Corp. | 1.59% | 213,731 | $33.0M | Reduce -20.7% |
| COST Costco Wholesale Corp. | 1.56% | 34,286 | $32.4M | Reduce -17.1% |
| ABT Abbott Laboratories | 1.55% | 242,733 | $32.2M | Reduce -13.9% |
| SYK Stryker Corp. | 1.52% | 84,836 | $31.6M | Reduce -18.7% |
| SHW The Sherwin-Williams Co. | 1.47% | 87,942 | $30.7M | Reduce -17.1% |
| FAST Fastenal Co. | 1.42% | 382,753 | $29.7M | Reduce -18.3% |
| CTVA Corteva Inc. | 1.39% | 460,269 | $29.0M | Reduce -15.9% |
| SPGI S&P Global Inc. | 1.36% | 55,954 | $28.4M | Reduce -20.5% |
| INTU Intuit Inc. | 1.35% | 45,770 | $28.1M | Reduce -17.5% |
| MSI Motorola Solutions Inc. | 1.34% | 63,663 | $27.9M | Reduce -20.8% |
| BDX Becton Dickinson and Co. | 1.34% | 121,508 | $27.8M | Reduce -11.4% |
| ACN Accenture PLC Class A | 1.33% | 88,479 | $27.6M | Reduce -18.6% |
| JPM JPMorgan Chase & Co. | 1.29% | 109,185 | $26.8M | Reduce -0.9% |
| CTAS Cintas Corp. | 1.25% | 126,732 | $26.0M | Reduce -19.1% |
| TXN Texas Instruments Inc. | 1.25% | 144,677 | $26.0M | Reduce -19.8% |
| AWK American Water Works Co. Inc. | 1.24% | 175,674 | $25.9M | Reduce -19.8% |
| NDAQ Nasdaq Inc. | 1.20% | 328,867 | $24.9M | Reduce -19.1% |
| BR Broadridge Financial Solutio | 1.20% | 102,720 | $24.9M | Reduce -20.6% |
| APH Amphenol Corp. Class A | 1.18% | 376,279 | $24.7M | Reduce -16.9% |
| STE Steris PLC | 1.15% | 105,696 | $24.0M | Reduce -16.6% |
| ZTS Zoetis Inc. | 0.97% | 123,285 | $20.3M | Reduce -16.9% |
| MRK Merck & Co. Inc. | 0.96% | 223,270 | $20.0M | Reduce -20.4% |
| EOG EOG Resources Inc. | 0.96% | 155,838 | $20.0M | Reduce -19.7% |
| MDLZ Mondelez International Inc. Class A | 0.96% | 294,089 | $20.0M | Reduce -19.5% |
| EQIX Equinix Inc. | 0.94% | 24,009 | $19.6M | Reduce -19.0% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 0.93% | 106,212 | $19.4M | Reduce -18.3% |
| JNJ Johnson & Johnson | 0.86% | 107,829 | $17.9M | Reduce -0.9% |
| NEE Nextera Energy Inc. | 0.79% | 233,025 | $16.5M | Reduce -2.4% |
| POOL Pool Corp. | 0.78% | 50,849 | $16.2M | Reduce -17.6% |
| ARES Ares Management Corp. Class A | 0.77% | 110,035 | $16.1M | Reduce -10.0% |
| RS Reliance Inc. | 0.75% | 54,056 | $15.6M | Reduce -23.2% |
| GD General Dynamics Corp. | 0.72% | 55,360 | $15.1M | Reduce -3.5% |
| LIN Linde PLC | 0.68% | 30,340 | $14.1M | Reduce -3.6% |
| CAT Caterpillar Inc. | 0.62% | 39,398 | $13.0M | Reduce -0.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.60% | 50,606 | $12.6M | Reduce -10.7% |
| PEP Pepsico Inc. | 0.55% | 76,042 | $11.4M | Reduce -3.1% |
| RPM RPM International Inc. | 0.53% | 95,533 | $11.1M | Reduce -0.0% |
| CVX Chevron Corp. | 0.52% | 64,931 | $10.9M | Reduce -2.7% |
| UPS United Parcel Service Class B | 0.51% | 96,402 | $10.6M | Reduce -19.9% |
| RTX RTX Corp. | 0.46% | 72,127 | $9.6M | Reduce -0.8% |
| OKE Oneok Inc. | 0.44% | 93,160 | $9.2M | Reduce -16.2% |
| UNP Union Pacific Corp. | 0.44% | 38,477 | $9.1M | Reduce -0.3% |
| GILD Gilead Sciences Inc. | 0.41% | 76,495 | $8.6M | Reduce -15.4% |
| APD Air Products & Chemicals Inc. | 0.35% | 24,507 | $7.2M | Reduce -15.1% |
| KO The Coca-Cola Co. | 0.34% | 98,690 | $7.1M | Reduce -1.1% |
| NVS Novartis AG-Sponsored ADR | 0.33% | 62,173 | $6.9M | Reduce -0.4% |
| HSY The Hershey Co. | 0.26% | 32,234 | $5.5M | Reduce -10.2% |
| MDT Medtronic PLC | 0.25% | 58,850 | $5.3M | Reduce -18.3% |
| SBUX Starbucks Corp. | 0.25% | 53,164 | $5.2M | Reduce -1.8% |
| GOOGL Alphabet Inc. Class A | 0.23% | 31,123 | $4.8M | Add +10.0% |
| V Visa Inc. Class A | 0.22% | 13,345 | $4.7M | Reduce -0.0% |
| O Realty Income Corp. | 0.22% | 79,896 | $4.6M | Reduce -15.7% |
| BLK BlackRock Finance Inc. | 0.22% | 4,813 | $4.6M | Reduce -87.8% |
| KMB Kimberly-Clark Corp. | 0.21% | 31,208 | $4.4M | Reduce -16.6% |
| LLY Eli Lilly & Co. | 0.20% | 5,122 | $4.2M | Add +3.6% |
| AMZN Amazon.com Inc. | 0.20% | 21,687 | $4.1M | Add +0.7% |
| CARR Carrier Global Corp. | 0.19% | 63,274 | $4.0M | Reduce -1.8% |
| NVDA Nvidia Corp. | 0.19% | 35,574 | $3.9M | Add +13.6% |
| SO The Southern Co. | 0.17% | 38,035 | $3.5M | Reduce -0.4% |
| DE Deere & Co. | 0.15% | 6,836 | $3.2M | Reduce -0.3% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.12% | 37,029 | $2.4M | Add +5.3% |
| VRP Invesco Variable Rate Prefer | 0.10% | 81,829 | $2.0M | Reduce -3.3% |
| BX Blackstone Inc. | 0.10% | 14,174 | $2.0M | Reduce -4.7% |
| PREF Pri Spe Pre Sec Acti-Usd Inc. | 0.09% | 104,148 | $1.9M | Reduce -3.7% |
| MAIN Main Street Capital Corp. | 0.09% | 34,204 | $1.9M | Reduce -3.3% |
| VCIT Vanguard Int-Term Corporate | 0.09% | 22,632 | $1.9M | Reduce -2.2% |
| OTIS Otis Worldwide Corp. | 0.09% | 17,596 | $1.8M | Reduce -0.4% |
| PGR Progressive Corp. | 0.08% | 6,005 | $1.7M | Reduce -9.5% |
| ECL Ecolab Inc. | 0.08% | 6,697 | $1.7M | Reduce -1.0% |
| UBER Uber Technologies Inc. | 0.08% | 22,273 | $1.6M | Add +4.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.07% | 2,671 | $1.5M | Reduce -24.5% |
| HON Honeywell International Inc. | 0.07% | 7,022 | $1.5M | No change |
| QQQ Invesco QQQ Trust Series 1 | 0.07% | 3,123 | $1.5M | Reduce -7.9% |
| AGG iShares Core U.S. Aggregate | 0.07% | 14,691 | $1.5M | Reduce -3.5% |
| GOOG Alphabet Inc. Class C | 0.07% | 9,247 | $1.4M | Reduce -11.8% |
| TSLX Sixth Street Specialty Lendi | 0.07% | 63,405 | $1.4M | Add +7.9% |
| XLC SS Comm Select Sector SPDR | 0.07% | 14,159 | $1.4M | Add +1.4% |
| ADI Analog Devices Inc. | 0.06% | 6,510 | $1.3M | Reduce -30.7% |
Portfolio Sells Q4 2024 → Q1 2025
| BLK BlackRock Finance Inc. | Reduce -87.8% | 0.22% | −1.48 |
| AAPL Apple Inc. | Reduce -14.7% | 5.33% | −0.82 |
| MSFT Microsoft Corp. | Reduce -9.5% | 3.50% | −0.29 |
| ACN Accenture PLC Class A | Reduce -18.6% | 1.33% | −0.28 |
| EQIX Equinix Inc. | Reduce -19.0% | 0.94% | −0.23 |
| HD Home Depot Inc. | Reduce -16.8% | 1.92% | −0.22 |
| MSI Motorola Solutions Inc. | Reduce -20.8% | 1.34% | −0.22 |
| MRK Merck & Co. Inc. | Reduce -20.4% | 0.96% | −0.21 |
| WMT Walmart Inc. | Reduce -18.5% | 1.68% | −0.17 |
| TXN Texas Instruments Inc. | Reduce -19.8% | 1.25% | −0.17 |
| SNA Snap-on Inc. | Reduce -18.7% | 1.75% | −0.14 |
| APH Amphenol Corp. Class A | Reduce -16.9% | 1.18% | −0.13 |
| ARES Ares Management Corp. Class A | Reduce -10.0% | 0.77% | −0.13 |
| UPS United Parcel Service Class B | Reduce -19.9% | 0.51% | −0.13 |
| NDAQ Nasdaq Inc. | Reduce -19.1% | 1.20% | −0.12 |
| INTU Intuit Inc. | Reduce -17.5% | 1.35% | −0.11 |
| POOL Pool Corp. | Reduce -17.6% | 0.78% | −0.10 |
| SPGI S&P Global Inc. | Reduce -20.5% | 1.36% | −0.10 |
| SYK Stryker Corp. | Reduce -18.7% | 1.52% | −0.06 |
| QCOM Qualcomm Inc. | Reduce -15.5% | 1.75% | −0.06 |
| RS Reliance Inc. | Reduce -23.2% | 0.75% | −0.04 |
| ZTS Zoetis Inc. | Reduce -16.9% | 0.97% | −0.04 |
| EOG EOG Resources Inc. | Reduce -19.7% | 0.96% | −0.04 |
| TSCO Tractor Supply Company | Reduce -17.8% | 1.72% | −0.04 |
| SHW The Sherwin-Williams Co. | Reduce -17.1% | 1.47% | −0.04 |
| ITW Illinois Tool Works | Reduce -12.3% | 2.10% | −0.04 |
| COST Costco Wholesale Corp. | Reduce -17.1% | 1.56% | −0.03 |
| BR Broadridge Financial Solutio | Reduce -20.6% | 1.20% | −0.03 |
| OKE Oneok Inc. | Reduce -16.2% | 0.44% | −0.02 |
| JKHY Jack Henry & Associates Inc. | Reduce -18.3% | 0.93% | −0.02 |
| CB Chubb Ltd. | Sold out | 0.00% | −0.02 |
| ADI Analog Devices Inc. | Reduce -30.7% | 0.06% | −0.02 |
| NOBL Proshares S&P 500 Dividend A | Sold out | 0.00% | −0.02 |
| AVGO Broadcom Inc. | Reduce -11.5% | 0.05% | −0.02 |
| LOW Lowe's Cos Inc. | Reduce -31.7% | 0.05% | −0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -24.5% | 0.07% | −0.02 |
| BEPC Brookfield Renewable Cor-A | Sold out | 0.00% | −0.01 |
| GS Goldman Sachs Group Inc. | Sold out | 0.00% | −0.01 |
| GOOG Alphabet Inc. Class C | Reduce -11.8% | 0.07% | −0.01 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.01 |
| WELL Welltower Inc. | Sold out | 0.00% | −0.01 |
| OWL Blue Owl Capital Inc. | Sold out | 0.00% | −0.01 |
| GWW WW Grainger Inc. | Sold out | 0.00% | −0.01 |
| MU Micron Technology Inc. | Sold out | 0.00% | −0.01 |
| NSSC Napco Security Technologies | Sold out | 0.00% | −0.01 |
| BX Blackstone Inc. | Reduce -4.7% | 0.10% | −0.01 |
| XLK SS Technology Select Sector | Reduce -36.3% | 0.02% | −0.01 |
| XLY SS Consumer Disc Select Sect | Reduce -39.1% | 0.02% | −0.01 |
| PSX Phillips 66 | Reduce -49.1% | 0.02% | −0.01 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| PG The Procter & Gamble Co. | Add +205.2% | 1.70% | +1.22 |
| LLY Eli Lilly & Co. | Add +3.6% | 0.20% | +0.04 |
| VBTLX Vanguard TTL BD MKT Idx-Adm | Add +92.1% | 0.05% | +0.03 |
| GLD SPDR Gold Shares | Add +74.2% | 0.04% | +0.03 |
| UBER Uber Technologies Inc. | Add +4.5% | 0.08% | +0.02 |
| AMD Advanced Micro Devices | New | 0.02% | +0.02 |
| VEA Vanguard Ftse Developed ETF | Add +40.3% | 0.05% | +0.02 |
| VRSK Verisk Analytics Inc. | New | 0.02% | +0.02 |
| FSV Firstservice Corp. | Add +141.9% | 0.03% | +0.02 |
| ASML ASML Holding NV-NY Reg SHS | Add +154.8% | 0.03% | +0.02 |
| GEV GE Vernova Inc. | New | 0.02% | +0.02 |
| TSLX Sixth Street Specialty Lendi | Add +7.9% | 0.07% | +0.02 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +5.3% | 0.12% | +0.02 |
| T AT&T Inc. | Add +0.0% | 0.05% | +0.02 |
| IDV iShares International Select | New | 0.01% | +0.01 |
| BABA Alibaba Group Holding-SP ADR | New | 0.01% | +0.01 |
| CME Cme Group Inc. | Add +44.3% | 0.03% | +0.01 |
| GSK GSK PLC-Spon ADR | Add +22.7% | 0.03% | +0.01 |
| PFXF Vaneck Pref Sec X-Financials | New | 0.01% | +0.01 |
| IEMG iShares Core MSCI Emerging | New | 0.01% | +0.01 |
| VYM Vanguard High DVD Yield ETF | New | 0.01% | +0.01 |
| BITB Bitwise Bitcoin ETF | New | 0.01% | +0.01 |
| XLV SS Health Care Select Sector | Add +5.0% | 0.05% | +0.01 |
| HEI Heico Corp. | New | 0.01% | +0.01 |
| ORLY O'reilly Automotive Inc. | Add +13.9% | 0.03% | +0.01 |
| CVS CVS Health Corp. | New | 0.01% | +0.01 |
| NOC Northrop Grumman Corp. | New | 0.01% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | New | 0.01% | +0.01 |
| VXUS Vanguard Total Intl Stock | New | 0.01% | +0.01 |
| ASND Ascendis Pharma A/S | New | 0.01% | +0.01 |
| LYB Lyondellbasell Indu Class A | Add +43.2% | 0.03% | +0.01 |
| PLD Prologis Inc. | New | 0.01% | +0.01 |
| NVDA Nvidia Corp. | Add +13.6% | 0.19% | +0.01 |
| XLC SS Comm Select Sector SPDR | Add +1.4% | 0.07% | +0.01 |
| PFE Pfizer Inc. | Add +9.0% | 0.05% | +0.01 |
| GOOGL Alphabet Inc. Class A | Add +10.0% | 0.23% | +0.01 |
| IJH iShares Core S&P Midcap ETF | Add +11.7% | 0.04% | +0.01 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +6.7% | 0.03% | +0.01 |
| ALC Alcon Inc. | Add +5.0% | 0.02% | +0.01 |
| CRS Carpenter Technology | Add +5.8% | 0.03% | +0.01 |
| C Citigroup Inc. | Add +4.7% | 0.03% | +0.01 |
| SCHA Schwab US Small-Cap ETF | Add +40.1% | 0.02% | +0.01 |
| DVY iShares Select Dividend ETF | Add +1.2% | 0.03% | +0.00 |
| PSA Public Storage | Add +0.5% | 0.03% | +0.00 |
| META Meta Platforms Inc. Class A | Add +4.2% | 0.03% | +0.00 |
| IBDU iShares Ibonds Dec 2029 Term | Add +0.5% | 0.03% | +0.00 |
| MORN Morningstar Inc. | Add +16.2% | 0.02% | +0.00 |
| VOO Vanguard S&P 500 ETF | Add +2.2% | 0.03% | +0.00 |
| BA The Boeing Co. | Add +1.5% | 0.03% | +0.00 |
| VWO Vanguard Ftse Emerging Marke | Add +5.1% | 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 |