Cardinal Capital Management

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 12, 2024), Cardinal Capital Management reported 134 stock positions worth $593.7 million. Its top holding was Eli Lilly (LLY) at 4.4% of the portfolio, followed by Microsoft (MSFT, 3.9%) and Costco Wholesale (COST, 3.1%). Compared with Q1 2024, it sold out of 6, added to 115 and reduced 17. The biggest buy was Apple (AAPL, shares +1%) and the biggest sale an exit from Biogen (BIIB).

Most Recent 13F
Q2 2026
Location
RALEIGH, NC
CIK
0001434845
Portfolio Value
$593.7M (Q2 2024)
SEC Filing
0001434845-24-000008 ↗ filed Jul 12, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $614.6M Q1 2024 Q2 2024: $593.7M $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 134 stocks · $593.7M
LLY Eli Lilly & Co. 4.41% 28,949 $26.2M Reduce -14.6%
MSFT Microsoft Corp. 3.89% 51,657 $23.1M Reduce -0.8%
COST Costco Wholesale Corp. 3.12% 21,829 $18.6M Reduce -0.1%
AAPL Apple Inc. 2.95% 83,241 $17.5M Add +1.3%
JNJ Johnson & Johnson 2.65% 107,453 $15.7M Add +1.1%
XOM Exxon Mobil Corp. 2.15% 110,966 $12.8M Add +0.2%
QCOM Qualcomm Inc. 2.11% 63,036 $12.6M Add +0.1%
GOOGL Alphabet Inc. Class A 2.04% 66,375 $12.1M Reduce -0.4%
JPM JPMorgan Chase & Co. 1.95% 57,370 $11.6M Reduce -0.1%
WMT Walmart Inc. 1.85% 162,273 $11.0M Add +0.2%
ADP Automatic Data Processing 1.72% 42,596 $10.2M Add +0.6%
DE Deere & Co. 1.72% 27,200 $10.2M Add +0.3%
LOW Lowe's Cos Inc. 1.71% 46,173 $10.2M Add +0.4%
ECL Ecolab Inc. 1.64% 40,938 $9.8M Add +0.1%
ITW Illinois Tool Works 1.58% 39,313 $9.4M Add +0.6%
EMR Emerson Electric Co. 1.56% 84,167 $9.3M Add +0.5%
MRK Merck & Co. Inc. 1.53% 73,118 $9.1M Add +0.1%
COP Conocophillips 1.48% 76,911 $8.8M Add +1.2%
PG The Procter & Gamble Co. 1.47% 52,932 $8.7M Add +0.6%
INTC Intel Corp. 1.46% 278,963 $8.6M Add +2.9%
A Agilent Technologies Inc. 1.44% 65,886 $8.5M Add +0.4%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 1.43% 141,631 $8.5M Add +1.2%
REGN Regeneron Pharmaceuticals 1.38% 7,790 $8.2M Add +0.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.28% 43,812 $7.6M Add +1.4%
TFC Truist Financial Corp. 1.27% 193,869 $7.5M Add +0.4%
GIS General Mills Inc. 1.23% 115,623 $7.3M Add +0.8%
CSCO Cisco Systems Inc. 1.21% 150,929 $7.2M Add +1.2%
NVO Novo-Nordisk A/S-Spons ADR 1.16% 48,312 $6.9M Reduce -29.7%
LH Labcorp Holdings Inc. 1.16% 33,880 $6.9M Add +1.0%
IDXX Idexx Laboratories Inc. 1.13% 13,826 $6.7M Add +0.4%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 1.10% 56,683 $6.5M Add +0.7%
MKC McCormick & Co.-Non VTG SHRS 1.08% 90,684 $6.4M Add +1.5%
SBUX Starbucks Corp. 1.06% 80,472 $6.3M Add +2.0%
BDX Becton Dickinson and Co. 1.05% 26,590 $6.2M Add +1.2%
CMI Cummins Inc. 0.97% 20,764 $5.8M Reduce -0.0%
MDT Medtronic PLC 0.95% 70,767 $5.6M Add +1.9%
SAP Sap SE-Sponsored ADR 0.94% 27,619 $5.6M Add +0.7%
KEYS Keysight Technologies Inc. 0.89% 38,490 $5.3M Add +0.6%
KO The Coca-Cola Co. 0.88% 81,545 $5.2M Reduce -0.3%
PEP Pepsico Inc. 0.87% 31,291 $5.2M Add +1.0%
NFG National Fuel Gas Co. 0.84% 91,355 $5.0M Add +2.0%
MMM 3M Co. 0.84% 48,869 $5.0M Add +2.4%
NVS Novartis AG-Sponsored ADR 0.84% 46,875 $5.0M Add +2.5%
FDX FedEx Corp. 0.83% 16,284 $4.9M Add +0.4%
HAS Hasbro Inc. 0.75% 76,264 $4.5M Add +4.0%
TM Toyota Motor Corp. -Spon ADR 0.74% 21,314 $4.4M Add +2.7%
DLTR Dollar Tree Inc. 0.73% 40,749 $4.4M Add +3.3%
USLM United States Lime & Mineral 0.69% 11,222 $4.1M Reduce -21.1%
RY Royal Bank of Canada 0.68% 38,167 $4.1M Reduce -2.8%
SHEL Shell PLC-ADR 0.67% 54,944 $4.0M Reduce -5.0%
BMI Badger Meter Inc. 0.66% 21,125 $3.9M Add +0.2%
STT State Street Corp. 0.66% 53,157 $3.9M Add +0.4%
RJF Raymond James Financial Inc. 0.65% 31,199 $3.9M Add +1.4%
LSTR Landstar System Inc. 0.62% 19,879 $3.7M Add +2.6%
PSX Phillips 66 0.60% 25,094 $3.5M Reduce -0.1%
MORN Morningstar Inc. 0.59% 11,839 $3.5M Add +0.8%
BCPC Balchem Corp. 0.58% 22,561 $3.5M Add +2.5%
CACI Caci International Inc. Class A 0.55% 7,602 $3.3M Add +1.5%
UTHR United Therapeutics Corp. 0.55% 10,239 $3.3M Add +2.9%
SNY Sanofi-ADR 0.54% 66,585 $3.2M Add +3.1%
FFIV F5 Inc. 0.52% 17,969 $3.1M Add +1.1%
CW Curtiss-Wright Corp. 0.51% 11,192 $3.0M Add +1.3%
UPS United Parcel Service Class B 0.50% 21,818 $3.0M Add +1.2%
ODC Oil-Dri Corp. of America 0.50% 46,239 $3.0M Add +1.1%
VEEV Veeva Systems Inc. Class A 0.48% 15,452 $2.8M Add +2.9%
DLB Dolby Laboratories Inc. Class A 0.47% 35,568 $2.8M Add +3.4%
TTE Totalenergies SE -Spon ADR 0.47% 41,345 $2.8M Reduce -5.0%
TDY Teledyne Technologies Inc. 0.46% 7,109 $2.8M Add +2.4%
SNA Snap-on Inc. 0.46% 10,527 $2.8M Add +2.3%
GOOG Alphabet Inc. Class C 0.46% 14,960 $2.7M Add +1.5%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.44% 15,832 $2.6M Add +2.2%
CRUS Cirrus Logic Inc. 0.44% 20,279 $2.6M Add +2.6%
PFE Pfizer Inc. 0.43% 90,416 $2.5M Add +1.8%
ESLT Elbit Systems Ltd. 0.42% 14,118 $2.5M Add +1.8%
TD Toronto-Dominion Bank 0.41% 43,878 $2.4M Add +2.9%
DD Dupont DE Nemours Inc. 0.40% 29,823 $2.4M Add +1.0%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.40% 52,266 $2.4M Add +0.9%
GGG Graco Inc. 0.40% 29,941 $2.4M Add +2.7%
HBAN Huntington Bancshares Inc. 0.38% 170,367 $2.3M Add +2.3%
NXPI NXP Semiconductors NV 0.37% 8,045 $2.2M Reduce -15.1%
RHI Robert Half Inc. 0.36% 33,859 $2.2M Add +4.0%
GSK GSK PLC-Spon ADR 0.36% 55,564 $2.2M Add +2.6%
UL Unilever PLC 0.36% 38,928 $2.1M Add +2.3%
AGX Argan Inc. 0.36% 29,062 $2.1M Add +1.2%
CRL Charles River Laboratories 0.35% 10,192 $2.1M Add +3.8%
WBS Webster Financial Corp. 0.35% 47,418 $2.1M Add +3.5%
SR Spire Inc. 0.34% 32,773 $2.0M Add +3.6%
SYNA Synaptics Inc. 0.33% 22,240 $2.0M Add +5.7%
MASI Masimo Corp. 0.33% 15,440 $1.9M Add +4.6%
GNTX Gentex Corp. 0.32% 56,287 $1.9M Add +4.2%
BSAC Banco Santander-Chile-ADR 0.31% 97,762 $1.8M Add +4.3%
OLED Universal Display Corp. 0.30% 8,588 $1.8M Add +2.4%
HUBG Hub Group Inc. Class A 0.30% 40,948 $1.8M Add +3.6%
KE Kimball Electronics Inc. 0.29% 78,473 $1.7M Add +21.6%
LNN Lindsay Corp. 0.29% 13,999 $1.7M Add +5.0%
OZK Bank Ozk 0.28% 41,135 $1.7M Add +4.4%
ZD Ziff Davis Inc. 0.28% 30,101 $1.7M Add +18.3%
FNB FNB Corp. 0.28% 120,647 $1.7M Reduce -1.0%
IT Gartner Inc. 0.27% 3,564 $1.6M Add +1.9%
SAM Boston Beer Company Inc. Class A 0.25% 4,869 $1.5M Add +20.2%
ALC Alcon Inc. filed as ALCON AG 0.25% 16,585 $1.5M Reduce -5.0%
IDCC Interdigital Inc. 0.25% 12,597 $1.5M Add +6.6%
DOW Dow Inc. 0.25% 27,597 $1.5M Add +1.8%
CFR Cullen/Frost Bankers Inc. 0.24% 14,116 $1.4M Add +5.8%
UNB Union Bankshares Inc. 0.23% 64,629 $1.4M Add +17.4%
CTVA Corteva Inc. 0.23% 25,669 $1.4M Add +1.4%
LZB La-Z-Boy Inc. 0.23% 36,998 $1.4M Add +4.4%
CHKP Check Point Software Tech 0.23% 8,235 $1.4M Add +8.1%
JAZZ Jazz Pharmaceuticals PLC 0.22% 12,068 $1.3M Add +1.9%
ALRM Alarm.com Holdings Inc. 0.21% 20,031 $1.3M Add +20.8%
HAE Haemonetics Corp. 0.21% 14,832 $1.2M Add +3.8%
MHK Mohawk Industries Inc. 0.21% 10,755 $1.2M Add +3.0%
SEE Sealed Air Corp. 0.20% 34,778 $1.2M Add +4.4%
WLY Wiley (john) & Sons Class A 0.20% 29,628 $1.2M Add +3.7%
PLPC Preformed Line Products Co. 0.19% 9,255 $1.2M Add +13.4%
AMCR Amcor PLC 0.19% 115,616 $1.1M Add +832.2%
UTMD Utah Medical Products Inc. 0.18% 15,645 $1.0M Add +6.2%
IART Integra Lifesciences Holding 0.17% 34,034 $992K Add +9.5%
IIIN Insteel Industries Inc. 0.16% 30,571 $946K Add +5.0%
PAHC Phibro Animal Health Corp. Class A 0.16% 56,027 $940K Add +4.7%
HLIO Helios Technologies Inc. 0.16% 19,353 $924K Add +3.8%
MIDD Middleby Corp. 0.15% 7,427 $911K Add +5.3%
NVEC Nve Corp. 0.15% 11,760 $878K Add +5.1%
HSIC Henry Schein Inc. 0.14% 13,345 $855K Add +5.3%
WOR Worthington Enterprises Inc. 0.13% 16,870 $798K Add +6.0%
IGSB iShares 1-5Y Inv Grade Corp. 0.13% 15,340 $786K No change
FTRE Fortrea Holdings Inc. 0.12% 31,548 $736K Add +2.7%
TMP Tompkins Financial Corp. 0.11% 12,863 $629K Add +11.3%
SOLV Solventum Corp. 0.10% 11,781 $623K Reduce -1.3%
WS Worthington Steel Inc. 0.07% 12,376 $413K Add +1.1%
HLN Haleon PLC-ADR 0.06% 46,231 $382K Add +2.5%
SPY SS SPDR S&P 500 ETF Trust-US 0.05% 581 $317K Add +6.0%
AVDX Avidxchange Holdings Inc. 0.03% 14,441 $174K No change
EMBC Embecta Corp. 0.02% 11,753 $147K Add +16.8%

Portfolio Sells Q1 2024 → Q2 2024
BIIB Biogen Inc. Sold out 0.00% −1.07
BMY Bristol-Myers Squibb Co. Sold out 0.00% −0.50
NVO Novo-Nordisk A/S-Spons ADR Reduce -29.7% 1.16% −0.28
FWRD Forward Air Corp. Sold out 0.00% −0.21
NRC NRC Health Sold out 0.00% −0.17
MNRO Monro Inc. Sold out 0.00% −0.16
HTLD Heartland Express Inc. Sold out 0.00% −0.11
PSX Phillips 66 Reduce -0.1% 0.60% −0.07
CMI Cummins Inc. Reduce -0.0% 0.97% −0.03
TTE Totalenergies SE -Spon ADR Reduce -5.0% 0.47% −0.02
NXPI NXP Semiconductors NV Reduce -15.1% 0.37% −0.02
FNB FNB Corp. Reduce -1.0% 0.28% −0.00
USLM United States Lime & Mineral Reduce -21.1% 0.69% −0.00
SOLV Solventum Corp. Reduce -1.3% 0.10% +0.00
ALC Alcon Inc. Reduce -5.0% 0.25% +0.01
SHEL Shell PLC-ADR Reduce -5.0% 0.67% +0.04
RY Royal Bank of Canada Reduce -2.8% 0.68% +0.04
KO The Coca-Cola Co. Reduce -0.3% 0.88% +0.06
JPM JPMorgan Chase & Co. Reduce -0.1% 1.95% +0.08
LLY Eli Lilly & Co. Reduce -14.6% 4.41% +0.12
MSFT Microsoft Corp. Reduce -0.8% 3.89% +0.32
GOOGL Alphabet Inc. Class A Reduce -0.4% 2.04% +0.40
COST Costco Wholesale Corp. Reduce -0.1% 3.12% +0.52

Portfolio Buys Q1 2024 → Q2 2024
AAPL Apple Inc. Add +1.3% 2.95% +0.66
QCOM Qualcomm Inc. Add +0.1% 2.11% +0.38
WMT Walmart Inc. Add +0.2% 1.85% +0.26
UTHR United Therapeutics Corp. Add +2.9% 0.55% +0.18
AMCR Amcor PLC Add +832.2% 0.19% +0.17
REGN Regeneron Pharmaceuticals Add +0.2% 1.38% +0.16
CRUS Cirrus Logic Inc. Add +2.6% 0.44% +0.14
AGX Argan Inc. Add +1.2% 0.36% +0.12
BNY Bank of New York Mellon Corp. Add +1.2% 1.43% +0.12
BMI Badger Meter Inc. Add +0.2% 0.66% +0.11
ECL Ecolab Inc. Add +0.1% 1.64% +0.10
GOOG Alphabet Inc. Class C Add +1.5% 0.46% +0.10
NVS Novartis AG-Sponsored ADR Add +2.5% 0.84% +0.10
CACI Caci International Inc. Class A Add +1.5% 0.55% +0.09
PG The Procter & Gamble Co. Add +0.6% 1.47% +0.08
HAS Hasbro Inc. Add +4.0% 0.75% +0.08
OLED Universal Display Corp. Add +2.4% 0.30% +0.07
SAP Sap SE-Sponsored ADR Add +0.7% 0.94% +0.07
KE Kimball Electronics Inc. Add +21.6% 0.29% +0.06
FDX FedEx Corp. Add +0.4% 0.83% +0.06
XOM Exxon Mobil Corp. Add +0.2% 2.15% +0.06
NFG National Fuel Gas Co. Add +2.0% 0.84% +0.05
CW Curtiss-Wright Corp. Add +1.3% 0.51% +0.05
UL Unilever PLC Add +2.3% 0.36% +0.05
SAM Boston Beer Company Inc. Class A Add +20.2% 0.25% +0.05
PAHC Phibro Animal Health Corp. Class A Add +4.7% 0.16% +0.05
TFC Truist Financial Corp. Add +0.4% 1.27% +0.04
IDCC Interdigital Inc. Add +6.6% 0.25% +0.04
DD Dupont DE Nemours Inc. Add +1.0% 0.40% +0.04
LNN Lindsay Corp. Add +5.0% 0.29% +0.03
SNY Sanofi-ADR Add +3.1% 0.54% +0.03
BCPC Balchem Corp. Add +2.5% 0.58% +0.03
WLY Wiley (john) & Sons Class A Add +3.7% 0.20% +0.03
CHKP Check Point Software Tech Add +8.1% 0.23% +0.03
PFE Pfizer Inc. Add +1.8% 0.43% +0.03
PLPC Preformed Line Products Co. Add +13.4% 0.19% +0.02
SR Spire Inc. Add +3.6% 0.34% +0.02
HLIO Helios Technologies Inc. Add +3.8% 0.16% +0.02
HUBG Hub Group Inc. Class A Add +3.6% 0.30% +0.02
ALRM Alarm.com Holdings Inc. Add +20.8% 0.21% +0.02
ZD Ziff Davis Inc. Add +18.3% 0.28% +0.02
MMM 3M Co. Add +2.4% 0.84% +0.02
EMR Emerson Electric Co. Add +0.5% 1.56% +0.02
LZB La-Z-Boy Inc. Add +4.4% 0.23% +0.02
TMP Tompkins Financial Corp. Add +11.3% 0.11% +0.01
LSTR Landstar System Inc. Add +2.6% 0.62% +0.01
HAE Haemonetics Corp. Add +3.8% 0.21% +0.01
BSAC Banco Santander-Chile-ADR Add +4.3% 0.31% +0.01
SPY SS SPDR S&P 500 ETF Trust-US Add +6.0% 0.05% +0.01
DLB Dolby Laboratories Inc. Class A Add +3.4% 0.47% +0.01

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