Cardinal Capital Management

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed July 12, 2024), Cardinal Capital Management reported 139 stock positions worth $614.6 million. Its top holding was Eli Lilly (LLY) at 4.3% of the portfolio, followed by Microsoft (MSFT, 3.6%) and Johnson & Johnson (JNJ, 2.7%). Compared with Q4 2023, it opened 5 new positions, sold out of 1, added to 130 and reduced 2. The biggest buy was Toyota Motor Corp. -Spon ADR (TM, shares +7%) and the biggest sale an exit from Grifols SA-ADR (GRFS).

Most Recent 13F
Q2 2026
Location
RALEIGH, NC
CIK
0001434845
Portfolio Value
$614.6M (Q1 2024)
SEC Filing
0001434845-24-000007 ↗ filed Jul 12, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $614.6M $614.6M Q1 2024 Q2 2024: $593.7M Q2 2024 Q3 2024: $642.8M Q3 2024 Q4 2024: $637.7M Q4 2024 Q1 2025: $645.7M Q1 2025 Q2 2025: $681.4M Q2 2025 Q3 2025: $723.4M Q3 2025 Q4 2025: $755.0M Q4 2025 Q1 2026: $775.6M Q1 2026 Q2 2026: $826.3M Q2 2026

Holdings 139 stocks · $614.6M
LLY Eli Lilly & Co. 4.29% 33,890 $26.4M Reduce -1.6%
MSFT Microsoft Corp. 3.57% 52,093 $21.9M Add +1.8%
JNJ Johnson & Johnson 2.73% 106,239 $16.8M Add +5.6%
COST Costco Wholesale Corp. 2.61% 21,861 $16.0M Add +2.6%
AAPL Apple Inc. 2.29% 82,216 $14.1M Add +6.0%
XOM Exxon Mobil Corp. 2.09% 110,717 $12.9M Add +4.9%
INTC Intel Corp. 1.95% 271,148 $12.0M Add +6.8%
LOW Lowe's Cos Inc. 1.91% 46,004 $11.7M Add +4.6%
JPM JPMorgan Chase & Co. 1.87% 57,445 $11.5M Add +4.8%
DE Deere & Co. 1.82% 27,112 $11.2M Add +5.7%
QCOM Qualcomm Inc. 1.74% 62,988 $10.7M Add +5.9%
ADP Automatic Data Processing 1.73% 42,332 $10.6M Add +5.6%
ITW Illinois Tool Works 1.72% 39,088 $10.5M Add +6.0%
GOOGL Alphabet Inc. Class A 1.64% 66,641 $10.1M Add +3.5%
WMT Walmart Inc. 1.59% 161,974 $9.8M Add +6.3%
MRK Merck & Co. Inc. 1.58% 73,035 $9.7M Add +6.0%
COP Conocophillips 1.57% 76,028 $9.7M Add +6.5%
A Agilent Technologies Inc. 1.55% 65,630 $9.5M Add +7.4%
EMR Emerson Electric Co. 1.54% 83,717 $9.5M Add +7.1%
ECL Ecolab Inc. 1.54% 40,910 $9.5M Add +6.7%
NVO Novo-Nordisk A/S-Spons ADR 1.45% 68,729 $8.9M Add +2.1%
PG The Procter & Gamble Co. 1.39% 52,622 $8.5M Add +8.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.34% 43,212 $8.3M Add +6.9%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 1.31% 140,012 $8.1M Add +7.8%
GIS General Mills Inc. 1.31% 114,767 $8.0M Add +8.1%
TFC Truist Financial Corp. 1.22% 193,135 $7.5M Add +7.2%
REGN Regeneron Pharmaceuticals 1.22% 7,774 $7.5M Add +3.8%
CSCO Cisco Systems Inc. 1.21% 149,082 $7.4M Add +9.0%
IDXX Idexx Laboratories Inc. 1.21% 13,771 $7.4M Add +3.8%
LH Laboratory CRP of Amer Hldgs 1.19% 33,552 $7.3M Add +9.7%
SBUX Starbucks Corp. 1.17% 78,875 $7.2M Add +10.2%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 1.12% 56,311 $6.9M Add +11.6%
MKC McCormick & Co.-Non VTG SHRS 1.12% 89,369 $6.9M Add +10.1%
BIIB Biogen Inc. 1.07% 30,467 $6.6M Add +10.3%
BDX Becton Dickinson and Co. 1.06% 26,275 $6.5M Add +11.5%
CMI Cummins Inc. 1.00% 20,769 $6.1M Add +4.9%
MDT Medtronic PLC 0.99% 69,446 $6.1M Add +12.3%
KEYS Keysight Technologies Inc. 0.97% 38,281 $6.0M Add +5.2%
PEP Pepsico Inc. 0.89% 30,982 $5.5M Add +5.4%
SAP Sap SE-Sponsored ADR 0.87% 27,419 $5.3M Add +5.3%
DLTR Dollar Tree Inc. 0.85% 39,449 $5.3M Add +13.9%
TM Toyota Motor Corp. -Spon ADR 0.85% 20,761 $5.2M Add +7.4%
MMM 3M Co. 0.82% 47,749 $5.1M Add +16.8%
KO The Coca-Cola Co. 0.82% 81,751 $5.0M Add +6.2%
NFG National Fuel Gas Co. 0.79% 89,540 $4.9M Add +18.8%
FDX FedEx Corp. 0.77% 16,221 $4.7M Add +6.8%
NVS Novartis AG-Sponsored ADR 0.75% 45,719 $4.6M Add +9.3%
USLM United States Lime & Mineral 0.69% 14,216 $4.2M Add +8.2%
HAS Hasbro Inc. 0.67% 73,304 $4.1M Add +20.9%
STT State Street Corp. 0.67% 52,953 $4.1M Add +8.3%
PSX Phillips 66 0.67% 25,127 $4.1M Add +7.8%
RJF Raymond James Financial Inc. 0.65% 30,777 $4.0M Add +8.7%
RY Royal Bank of Canada 0.64% 39,271 $4.0M Add +8.7%
SHEL Shell PLC-ADR 0.63% 57,862 $3.9M Add +4.7%
LSTR Landstar System Inc. 0.61% 19,367 $3.7M Add +12.3%
MORN Morningstar Inc. 0.59% 11,740 $3.6M Add +9.8%
VEEV Veeva Systems Inc. Class A 0.57% 15,022 $3.5M Add +9.6%
BMI Badger Meter Inc. 0.56% 21,082 $3.4M Add +7.8%
ODC Oil-Dri Corp. of America 0.55% 45,744 $3.4M Add +5.1%
BCPC Balchem Corp. 0.55% 21,999 $3.4M Add +12.6%
FFIV F5 Inc. 0.55% 17,775 $3.4M Add +9.6%
UPS United Parcel Service Class B 0.52% 21,550 $3.2M Add +10.9%
SNY Sanofi-ADR 0.51% 64,596 $3.1M Add +9.8%
BMY Bristol-Myers Squibb Co. 0.50% 56,860 $3.1M Add +12.3%
SNA Snap-on Inc. 0.50% 10,287 $3.0M Add +12.1%
TTE Totalenergies SE -Spon ADR 0.49% 43,525 $3.0M Add +6.7%
TDY Teledyne Technologies Inc. 0.48% 6,942 $3.0M Add +13.0%
ESLT Elbit Systems Ltd. 0.47% 13,874 $2.9M Add +7.0%
DLB Dolby Laboratories Inc. Class A 0.47% 34,403 $2.9M Add +15.9%
CACI Caci International Inc. Class A 0.46% 7,488 $2.8M Add +14.7%
CW Curtiss-Wright Corp. 0.46% 11,053 $2.8M Add +11.4%
GGG Graco Inc. 0.44% 29,153 $2.7M Add +14.5%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.44% 15,490 $2.7M Add +15.8%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.44% 51,788 $2.7M Add +7.5%
CRL Charles River Laboratories 0.43% 9,822 $2.7M Add +16.2%
RHI Robert Half Inc. 0.42% 32,552 $2.6M Add +17.2%
TD Toronto-Dominion Bank 0.42% 42,656 $2.6M Add +10.3%
PFE Pfizer Inc. 0.40% 88,811 $2.5M Add +13.9%
NXPI NXP Semiconductors NV 0.38% 9,476 $2.4M Add +5.0%
HBAN Huntington Bancshares Inc. 0.38% 166,504 $2.3M Add +19.0%
GSK GSK PLC-Spon ADR 0.38% 54,174 $2.3M Add +8.7%
WBS Webster Financial Corp. 0.38% 45,799 $2.3M Add +18.0%
UTHR United Therapeutics Corp. 0.37% 9,955 $2.3M Add +20.2%
DD Dupont DE Nemours Inc. 0.37% 29,521 $2.3M Add +11.8%
GOOG Alphabet Inc. Class C 0.37% 14,745 $2.2M Add +3.0%
MASI Masimo Corp. 0.35% 14,764 $2.2M Add +25.1%
SYNA Synaptics Inc. 0.33% 21,036 $2.1M Add +26.3%
SR Spire Inc. 0.32% 31,621 $2.0M Add +27.0%
GNTX Gentex Corp. 0.32% 54,013 $2.0M Add +23.8%
UL Unilever PLC 0.31% 38,068 $1.9M Add +11.1%
BSAC Banco Santander-Chile-ADR 0.30% 93,768 $1.9M Add +19.3%
CRUS Cirrus Logic Inc. 0.30% 19,771 $1.8M Add +19.3%
OZK Bank Ozk 0.29% 39,392 $1.8M Add +28.3%
FNB FNB Corp. 0.28% 121,881 $1.7M Add +21.2%
HUBG Hub Group Inc. Class A 0.28% 39,510 $1.7M Add +22.0%
UNB Union Bankshares Inc. 0.27% 55,061 $1.7M Add +29.9%
IT Gartner Inc. 0.27% 3,497 $1.7M Add +8.3%
ZD Ziff Davis Inc. 0.26% 25,454 $1.6M Add +35.0%
DOW Dow Inc. 0.26% 27,118 $1.6M Add +9.0%
LNN Lindsay Corp. 0.26% 13,330 $1.6M Add +31.9%

Show all 139 holdings

Portfolio Sells Q4 2023 → Q1 2024
GRFS Grifols SA-ADR Sold out 0.00% −0.20
SPY SS SPDR S&P 500 ETF Trust-US Reduce -3.5% 0.05% −0.00
LLY Eli Lilly & Co. Reduce -1.6% 4.29% +0.49

Portfolio Buys Q4 2023 → Q1 2024
TM Toyota Motor Corp. -Spon ADR Add +7.4% 0.85% +0.18
NVEC Nve Corp. New 0.16% +0.16
MRK Merck & Co. Inc. Add +6.0% 1.58% +0.14
HLIO Helios Technologies Inc. New 0.14% +0.14
NVO Novo-Nordisk A/S-Spons ADR Add +2.1% 1.45% +0.13
USLM United States Lime & Mineral Add +8.2% 0.69% +0.12
SAP Sap SE-Sponsored ADR Add +5.3% 0.87% +0.11
JPM JPMorgan Chase & Co. Add +4.8% 1.87% +0.11
QCOM Qualcomm Inc. Add +5.9% 1.74% +0.11
EMR Emerson Electric Co. Add +7.1% 1.54% +0.10
CMI Cummins Inc. Add +4.9% 1.00% +0.10
ECL Ecolab Inc. Add +6.7% 1.54% +0.10
XOM Exxon Mobil Corp. Add +4.9% 2.09% +0.10
MASI Masimo Corp. Add +25.1% 0.35% +0.09
IBM Intl Business Machines Corp. Add +6.9% 1.34% +0.09
TROW T Rowe Price Group Inc. Add +11.6% 1.12% +0.09
HAS Hasbro Inc. Add +20.9% 0.67% +0.09
PSX Phillips 66 Add +7.8% 0.67% +0.08
WS Worthington Steel Inc. New 0.07% +0.07
WMT Walmart Inc. Add +6.3% 1.59% +0.07
VEEV Veeva Systems Inc. Class A Add +9.6% 0.57% +0.07
NFG National Fuel Gas Co. Add +18.8% 0.79% +0.07
CACI Caci International Inc. Class A Add +14.7% 0.46% +0.06
MKC McCormick & Co.-Non VTG SHRS Add +10.1% 1.12% +0.06
CRL Charles River Laboratories Add +16.2% 0.43% +0.05
LOW Lowe's Cos Inc. Add +4.6% 1.91% +0.05
NRC NRC Health Add +63.3% 0.17% +0.05
MHK Mohawk Industries Inc. Add +17.7% 0.22% +0.05
GNTX Gentex Corp. Add +23.8% 0.32% +0.05
RJF Raymond James Financial Inc. Add +8.7% 0.65% +0.04
PG The Procter & Gamble Co. Add +8.6% 1.39% +0.04
ALRM Alarm.com Holdings Inc. Add +33.1% 0.20% +0.04
CW Curtiss-Wright Corp. Add +11.4% 0.46% +0.04
HBAN Huntington Bancshares Inc. Add +19.0% 0.38% +0.04
MNRO Monro Inc. Add +42.2% 0.16% +0.04
WLY Wiley (john) & Sons Class A Add +23.6% 0.18% +0.04
CRUS Cirrus Logic Inc. Add +19.3% 0.30% +0.04
FDX FedEx Corp. Add +6.8% 0.77% +0.04
HSIC Henry Schein Inc. Add +48.9% 0.16% +0.03
AGX Argan Inc. Add +25.4% 0.24% +0.03
BNY Bank of New York Mellon Corp. Add +7.8% 1.31% +0.03
AVDX Avidxchange Holdings Inc. New 0.03% +0.03
PAHC Phibro Animal Health Corp. Class A Add +43.1% 0.11% +0.03
CFR Cullen/Frost Bankers Inc. Add +27.5% 0.24% +0.03
GSK GSK PLC-Spon ADR Add +8.7% 0.38% +0.03
UNB Union Bankshares Inc. Add +29.9% 0.27% +0.03
UTHR United Therapeutics Corp. Add +20.2% 0.37% +0.03
GGG Graco Inc. Add +14.5% 0.44% +0.02
MIDD Middleby Corp. Add +23.1% 0.18% +0.02
WOR Worthington Enterprises Inc. Add +26.5% 0.16% +0.02

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 138$826.3MLLY, JNJ, AAPL, GOOGL, BNY
Q1 2026 136$775.6MJNJ, LLY, AAPL, COST, XOM
Q4 2025 133$755.0MLLY, JNJ, MSFT, AAPL, GOOGL
Q3 2025 131$723.4MMSFT, AAPL, JNJ, LLY, COST
Q2 2025 128$681.4MMSFT, LLY, COST, AAPL, JNJ
Q1 2025 132$645.7MLLY, COST, MSFT, JNJ, AAPL
Q4 2024 131$637.7MLLY, MSFT, AAPL, COST, JNJ
Q3 2024 130$642.8MLLY, MSFT, AAPL, COST, JNJ
Q2 2024 134$593.7MLLY, MSFT, COST, AAPL, JNJ
Q1 2024Amended 139$614.6MLLY, MSFT, JNJ, COST, AAPL