Shepherd is a census-designated place (CDP) in Yellowstone County, Montana, United States. As of the 2020 census, Shepherd had a population of 507. Shepherd is a Billings suburb located to the northeast. The unincorporated town was named after R.E. Shepherd, a prominent early settler and owner of the Billings Land and Irrigation Company and the Merchants National Bank. The post office opened in 1915.