Cardinal Capital Management

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 16, 2024), Cardinal Capital Management reported 130 stock positions worth $642.8 million. Its top holding was Eli Lilly (LLY) at 4.0% of the portfolio, followed by Microsoft (MSFT, 3.5%) and Apple (AAPL, 3.0%). Compared with Q2 2024, it opened 2 new positions, sold out of 6, added to 124 and reduced 3. The biggest buy was a new position in Bristol-Myers Squibb (BMY) and the biggest sale Intel (INTC, shares −95%).

Most Recent 13F
Q2 2026
Location
RALEIGH, NC
CIK
0001434845
Portfolio Value
$642.8M (Q3 2024)
SEC Filing
0001434845-24-000012 ↗ filed Oct 16, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $614.6M Q1 2024 Q2 2024: $593.7M Q2 2024 Q3 2024: $642.8M $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 130 stocks · $642.8M
LLY Eli Lilly & Co. 3.96% 28,702 $25.4M Reduce -0.8%
MSFT Microsoft Corp. 3.50% 52,338 $22.5M Add +1.3%
AAPL Apple Inc. 3.03% 83,501 $19.5M Add +0.3%
COST Costco Wholesale Corp. 3.01% 21,841 $19.4M Add +0.1%
JNJ Johnson & Johnson 2.81% 111,345 $18.0M Add +3.6%
WMT Walmart Inc. 2.05% 163,074 $13.2M Add +0.5%
XOM Exxon Mobil Corp. 2.04% 111,746 $13.1M Add +0.7%
LOW Lowe's Cos Inc. 1.96% 46,436 $12.6M Add +0.6%
JPM JPMorgan Chase & Co. 1.89% 57,491 $12.1M Add +0.2%
ADP Automatic Data Processing 1.86% 42,912 $11.9M Add +0.7%
DE Deere & Co. 1.79% 27,475 $11.5M Add +1.0%
GOOGL Alphabet Inc. Class A 1.73% 66,864 $11.1M Add +0.7%
ITW Illinois Tool Works 1.69% 41,098 $10.8M Add +4.5%
QCOM Qualcomm Inc. 1.67% 63,311 $10.8M Add +0.4%
ECL Ecolab Inc. 1.64% 41,293 $10.6M Add +0.9%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 1.60% 142,814 $10.3M Add +0.8%
A Agilent Technologies Inc. 1.58% 68,551 $10.2M Add +4.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.51% 43,982 $9.7M Add +0.4%
EMR Emerson Electric Co. 1.46% 85,591 $9.4M Add +1.7%
PG The Procter & Gamble Co. 1.45% 53,674 $9.3M Add +1.4%
MRK Merck & Co. Inc. 1.37% 77,300 $8.8M Add +5.7%
GIS General Mills Inc. 1.34% 116,929 $8.6M Add +1.1%
COP Conocophillips 1.32% 80,552 $8.5M Add +4.7%
TFC Truist Financial Corp. 1.30% 195,327 $8.4M Add +0.8%
REGN Regeneron Pharmaceuticals 1.28% 7,835 $8.2M Add +0.6%
CSCO Cisco Systems Inc. 1.27% 153,066 $8.1M Add +1.4%
SBUX Starbucks Corp. 1.25% 82,144 $8.0M Add +2.1%
LH Labcorp Holdings Inc. 1.19% 34,294 $7.7M Add +1.2%
MKC McCormick & Co.-Non VTG SHRS 1.18% 91,851 $7.6M Add +1.3%
IDXX Idexx Laboratories Inc. 1.09% 13,919 $7.0M Add +0.7%
MMM 3M Co. 1.06% 49,669 $6.8M Add +1.6%
CMI Cummins Inc. 1.05% 20,899 $6.8M Add +0.7%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 1.03% 60,965 $6.6M Add +7.5%
BDX Becton Dickinson and Co. 1.02% 27,125 $6.5M Add +2.0%
MDT Medtronic PLC 1.01% 71,537 $6.5M Add +1.1%
SAP Sap SE-Sponsored ADR 0.99% 27,735 $6.4M Add +0.4%
KEYS Keysight Technologies Inc. 0.96% 38,900 $6.2M Add +1.1%
KO The Coca-Cola Co. 0.92% 81,765 $5.9M Add +0.3%
NVO Novo-Nordisk A/S-Spons ADR 0.89% 48,258 $5.7M Reduce -0.1%
USLM United States Lime & Mineral 0.89% 58,666 $5.7M Add +4.6%
NFG National Fuel Gas Co. 0.88% 92,630 $5.7M Add +1.4%
HAS Hasbro Inc. 0.88% 78,271 $5.7M Add +2.6%
NVS Novartis AG-Sponsored ADR 0.85% 47,319 $5.4M Add +0.9%
PEP Pepsico Inc. 0.83% 31,546 $5.4M Add +0.8%
BMY Bristol-Myers Squibb Co. 0.76% 94,681 $4.9M New
RY Royal Bank of Canada 0.74% 38,351 $4.8M Add +0.5%
BMI Badger Meter Inc. 0.74% 21,860 $4.8M Add +3.5%
STT State Street Corp. 0.74% 53,728 $4.8M Add +1.1%
DLTR Dollar Tree Inc. 0.71% 65,124 $4.6M Add +59.8%
FDX FedEx Corp. 0.70% 16,419 $4.5M Add +0.8%
BCPC Balchem Corp. 0.66% 24,157 $4.3M Add +7.1%
LSTR Landstar System Inc. 0.63% 21,534 $4.1M Add +8.3%
FFIV F5 Inc. 0.63% 18,263 $4.0M Add +1.6%
CACI Caci International Inc. Class A 0.62% 7,891 $4.0M Add +3.8%
TM Toyota Motor Corp. -Spon ADR 0.62% 22,238 $4.0M Add +4.3%
RJF Raymond James Financial Inc. 0.61% 32,106 $3.9M Add +2.9%
UTHR United Therapeutics Corp. 0.61% 10,860 $3.9M Add +6.1%
SNY Sanofi-ADR 0.61% 67,523 $3.9M Add +1.4%
CW Curtiss-Wright Corp. 0.60% 11,747 $3.9M Add +5.0%
MORN Morningstar Inc. 0.60% 12,095 $3.9M Add +2.2%
SHEL Shell PLC-ADR 0.57% 55,362 $3.7M Add +0.8%
PSX Phillips 66 0.52% 25,438 $3.3M Add +1.4%
ODC Oil-Dri Corp. of America 0.51% 47,889 $3.3M Add +3.6%
VEEV Veeva Systems Inc. Class A 0.51% 15,683 $3.3M Add +1.5%
TDY Teledyne Technologies Inc. 0.50% 7,346 $3.2M Add +3.3%
AGX Argan Inc. 0.49% 31,080 $3.2M Add +6.9%
SNA Snap-on Inc. 0.49% 10,880 $3.2M Add +3.4%
DLB Dolby Laboratories Inc. Class A 0.48% 40,180 $3.1M Add +13.0%
UPS United Parcel Service Class B 0.48% 22,494 $3.1M Add +3.1%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.45% 16,510 $2.9M Add +4.3%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.45% 53,273 $2.9M Add +1.9%
ESLT Elbit Systems Ltd. 0.44% 14,254 $2.9M Add +1.0%
TD Toronto-Dominion Bank 0.44% 44,480 $2.8M Add +1.4%
TTE Totalenergies SE -Spon ADR 0.43% 41,814 $2.7M Add +1.1%
DD Dupont DE Nemours Inc. 0.42% 30,281 $2.7M Add +1.5%
PFE Pfizer Inc. 0.42% 92,506 $2.7M Add +2.3%
GGG Graco Inc. 0.42% 30,567 $2.7M Add +2.1%
CRUS Cirrus Logic Inc. 0.41% 21,366 $2.7M Add +5.4%
HBAN Huntington Bancshares Inc. 0.41% 177,296 $2.6M Add +4.1%
UL Unilever PLC 0.40% 39,455 $2.6M Add +1.4%
GOOG Alphabet Inc. Class C 0.39% 15,040 $2.5M Add +0.5%
SR Spire Inc. 0.39% 36,412 $2.5M Add +11.1%
MASI Masimo Corp. 0.38% 18,517 $2.5M Add +19.9%
RHI Robert Half Inc. 0.38% 36,101 $2.4M Add +6.6%
GSK GSK PLC-Spon ADR 0.36% 56,372 $2.3M Add +1.4%
WBS Webster Financial Corp. 0.36% 49,794 $2.3M Add +5.0%
SYNA Synaptics Inc. 0.32% 26,705 $2.1M Add +20.1%
CRL Charles River Laboratories 0.32% 10,504 $2.1M Add +3.1%
BSAC Banco Santander-Chile-ADR 0.32% 98,907 $2.1M Add +1.2%
HUBG Hub Group Inc. Class A 0.32% 45,042 $2.0M Add +10.0%
IDCC Interdigital Inc. 0.31% 13,888 $2.0M Add +10.3%
OZK Bank Ozk 0.31% 45,714 $2.0M Add +11.1%
NXPI NXP Semiconductors NV 0.31% 8,137 $2.0M Add +1.1%
LNN Lindsay Corp. 0.30% 15,683 $2.0M Add +12.0%
OLED Universal Display Corp. 0.30% 9,237 $1.9M Add +7.6%
UNB Union Bankshares Inc. 0.30% 74,413 $1.9M Add +15.1%
MHK Mohawk Industries Inc. 0.30% 11,810 $1.9M Add +9.8%
FNB FNB Corp. 0.29% 133,518 $1.9M Add +10.7%
GNTX Gentex Corp. 0.29% 63,298 $1.9M Add +12.5%
IT Gartner Inc. 0.29% 3,645 $1.8M Add +2.3%
CFR Cullen/Frost Bankers Inc. 0.29% 16,391 $1.8M Add +16.1%
LZB La-Z-Boy Inc. 0.28% 41,186 $1.8M Add +11.3%
ALC Alcon Inc. filed as ALCON AG 0.26% 16,988 $1.7M Add +2.4%
KE Kimball Electronics Inc. 0.26% 89,804 $1.7M Add +14.4%
SAM Boston Beer Company Inc. Class A 0.26% 5,719 $1.7M Add +17.5%
CHKP Check Point Software Tech 0.25% 8,335 $1.6M Add +1.2%
WLY Wiley (john) & Sons Class A 0.25% 33,307 $1.6M Add +12.4%
DOW Dow Inc. 0.24% 28,096 $1.5M Add +1.8%
CTVA Corteva Inc. 0.24% 25,904 $1.5M Add +0.9%
PAHC Phibro Animal Health Corp. Class A 0.23% 64,986 $1.5M Add +16.0%
SEE Sealed Air Corp. 0.22% 39,336 $1.4M Add +13.1%
HAE Haemonetics Corp. 0.22% 17,349 $1.4M Add +17.0%
JAZZ Jazz Pharmaceuticals PLC 0.22% 12,499 $1.4M Add +3.6%
AMCR Amcor PLC 0.21% 117,094 $1.3M Add +1.3%
PLPC Preformed Line Products Co. 0.20% 10,252 $1.3M Add +10.8%
ALRM Alarm.com Holdings Inc. 0.20% 23,314 $1.3M Add +16.4%
UTMD Utah Medical Products Inc. 0.19% 18,448 $1.2M Add +17.9%
MIDD Middleby Corp. 0.19% 8,632 $1.2M Add +16.2%
IIIN Insteel Industries Inc. 0.17% 34,318 $1.1M Add +12.3%
HLIO Helios Technologies Inc. 0.16% 22,219 $1.1M Add +14.8%
NVEC Nve Corp. 0.16% 13,258 $1.1M Add +12.7%
HSIC Henry Schein Inc. 0.16% 14,202 $1.0M Add +6.4%
TMP Tompkins Financial Corp. 0.14% 15,911 $919K Add +23.7%
WOR Worthington Enterprises Inc. 0.14% 21,347 $885K Add +26.5%
IGSB iShares 1-5Y Inv Grade Corp. 0.13% 15,340 $808K No change
HLN Haleon PLC-ADR 0.08% 46,930 $497K Add +1.5%
BA The Boeing Co. 0.07% 3,034 $461K New
WS Worthington Steel Inc. 0.07% 13,442 $457K Add +8.6%
SPY SS SPDR S&P 500 ETF Trust-US 0.05% 583 $336K Add +0.3%
INTC Intel Corp. 0.05% 14,085 $330K Reduce -95.0%

Portfolio Sells Q2 2024 → Q3 2024
INTC Intel Corp. Reduce -95.0% 0.05% −1.40
LLY Eli Lilly & Co. Reduce -0.8% 3.96% −0.46
ZD Ziff Davis Inc. Sold out 0.00% −0.28
NVO Novo-Nordisk A/S-Spons ADR Reduce -0.1% 0.89% −0.27
IART Integra Lifesciences Holding Sold out 0.00% −0.17
FTRE Fortrea Holdings Inc. Sold out 0.00% −0.12
SOLV Solventum Corp. Sold out 0.00% −0.10
AVDX Avidxchange Holdings Inc. Sold out 0.00% −0.03
EMBC Embecta Corp. Sold out 0.00% −0.02

Portfolio Buys Q2 2024 → Q3 2024
BMY Bristol-Myers Squibb Co. New 0.76% +0.76
LOW Lowe's Cos Inc. Add +0.6% 1.96% +0.24
IBM Intl Business Machines Corp. Add +0.4% 1.51% +0.24
MMM 3M Co. Add +1.6% 1.06% +0.22
USLM United States Lime & Mineral Add +4.6% 0.89% +0.20
WMT Walmart Inc. Add +0.5% 2.05% +0.20
SBUX Starbucks Corp. Add +2.1% 1.25% +0.19
BNY Bank of New York Mellon Corp. Add +0.8% 1.60% +0.17
JNJ Johnson & Johnson Add +3.6% 2.81% +0.16
A Agilent Technologies Inc. Add +4.0% 1.58% +0.14
ADP Automatic Data Processing Add +0.7% 1.86% +0.13
AGX Argan Inc. Add +6.9% 0.49% +0.13
HAS Hasbro Inc. Add +2.6% 0.88% +0.13
GIS General Mills Inc. Add +1.1% 1.34% +0.11
ITW Illinois Tool Works Add +4.5% 1.69% +0.11
FFIV F5 Inc. Add +1.6% 0.63% +0.10
MKC McCormick & Co.-Non VTG SHRS Add +1.3% 1.18% +0.09
CW Curtiss-Wright Corp. Add +5.0% 0.60% +0.09
MHK Mohawk Industries Inc. Add +9.8% 0.30% +0.09
CMI Cummins Inc. Add +0.7% 1.05% +0.08
BMI Badger Meter Inc. Add +3.5% 0.74% +0.08
STT State Street Corp. Add +1.1% 0.74% +0.08
BCPC Balchem Corp. Add +7.1% 0.66% +0.08
KEYS Keysight Technologies Inc. Add +1.1% 0.96% +0.08
AAPL Apple Inc. Add +0.3% 3.03% +0.07
BA The Boeing Co. New 0.07% +0.07
DE Deere & Co. Add +1.0% 1.79% +0.07
PAHC Phibro Animal Health Corp. Class A Add +16.0% 0.23% +0.07
CACI Caci International Inc. Class A Add +3.8% 0.62% +0.07
UNB Union Bankshares Inc. Add +15.1% 0.30% +0.07
MDT Medtronic PLC Add +1.1% 1.01% +0.06
SNY Sanofi-ADR Add +1.4% 0.61% +0.06
RY Royal Bank of Canada Add +0.5% 0.74% +0.06
CSCO Cisco Systems Inc. Add +1.4% 1.27% +0.06
IDCC Interdigital Inc. Add +10.3% 0.31% +0.06
MASI Masimo Corp. Add +19.9% 0.38% +0.06
UTHR United Therapeutics Corp. Add +6.1% 0.61% +0.06
SAP Sap SE-Sponsored ADR Add +0.4% 0.99% +0.05
BNS Bank of Nova Scotia Add +1.9% 0.45% +0.05
WLY Wiley (john) & Sons Class A Add +12.4% 0.25% +0.05
SR Spire Inc. Add +11.1% 0.39% +0.05
CFR Cullen/Frost Bankers Inc. Add +16.1% 0.29% +0.04
LZB La-Z-Boy Inc. Add +11.3% 0.28% +0.04
KO The Coca-Cola Co. Add +0.3% 0.92% +0.04
NFG National Fuel Gas Co. Add +1.4% 0.88% +0.04
UL Unilever PLC Add +1.4% 0.40% +0.04
TMP Tompkins Financial Corp. Add +23.7% 0.14% +0.04
VEEV Veeva Systems Inc. Class A Add +1.5% 0.51% +0.04
TDY Teledyne Technologies Inc. Add +3.3% 0.50% +0.04
MIDD Middleby Corp. Add +16.2% 0.19% +0.03

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