Cardinal Capital Management

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 31, 2025), Cardinal Capital Management reported 131 stock positions worth $637.7 million. Its top holding was Eli Lilly (LLY) at 3.4% of the portfolio, followed by Microsoft (MSFT, 3.4%) and Apple (AAPL, 3.3%). Compared with Q3 2024, it opened 2 new positions, sold out of 1, added to 97 and reduced 30. The biggest buy was a new position in Dexcom (DXCM) and the biggest sale an exit from Dollar Tree (DLTR).

Most Recent 13F
Q2 2026
Location
RALEIGH, NC
CIK
0001434845
Portfolio Value
$637.7M (Q4 2024)
SEC Filing
0001434845-25-000002 ↗ filed Jan 31, 2025

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 Q3 2024 Q4 2024: $637.7M $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 131 stocks · $637.7M
LLY Eli Lilly & Co. 3.45% 28,494 $22.0M Reduce -0.7%
MSFT Microsoft Corp. 3.44% 52,104 $22.0M Reduce -0.5%
AAPL Apple Inc. 3.30% 83,977 $21.0M Add +0.6%
COST Costco Wholesale Corp. 3.12% 21,721 $19.9M Reduce -0.6%
JNJ Johnson & Johnson 2.35% 103,567 $15.0M Reduce -7.0%
WMT Walmart Inc. 2.31% 162,345 $14.7M Reduce -0.5%
JPM JPMorgan Chase & Co. 2.13% 56,550 $13.6M Reduce -1.6%
GOOGL Alphabet Inc. Class A 2.00% 67,219 $12.7M Add +0.5%
ADP Automatic Data Processing 1.97% 42,769 $12.6M Reduce -0.3%
XOM Exxon Mobil Corp. 1.90% 112,659 $12.1M Add +0.8%
DE Deere & Co. 1.86% 27,837 $11.8M Add +1.3%
LOW Lowe's Cos Inc. 1.80% 46,545 $11.5M Add +0.2%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 1.72% 142,565 $11.0M Reduce -0.2%
EMR Emerson Electric Co. 1.68% 86,513 $10.7M Add +1.1%
ITW Illinois Tool Works 1.65% 41,185 $10.5M Add +0.2%
QCOM Qualcomm Inc. 1.58% 65,485 $10.1M Add +3.4%
ECL Ecolab Inc. 1.54% 41,799 $9.8M Add +1.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.51% 43,926 $9.7M Reduce -0.1%
A Agilent Technologies Inc. 1.45% 68,764 $9.3M Add +0.3%
PG The Procter & Gamble Co. 1.43% 54,575 $9.1M Add +1.7%
CSCO Cisco Systems Inc. 1.43% 153,517 $9.1M Add +0.3%
TFC Truist Financial Corp. 1.33% 195,344 $8.5M Add +0.0%
LH Labcorp Holdings Inc. 1.30% 36,025 $8.3M Add +5.0%
COP Conocophillips 1.26% 81,153 $8.0M Add +0.8%
USLM United States Lime & Mineral 1.21% 58,075 $7.7M Reduce -1.0%
GIS General Mills Inc. 1.20% 120,288 $7.7M Add +2.9%
SBUX Starbucks Corp. 1.20% 83,631 $7.6M Add +1.8%
CMI Cummins Inc. 1.14% 20,916 $7.3M Add +0.1%
MRK Merck & Co. Inc. 1.14% 72,618 $7.3M Reduce -6.1%
MKC McCormick & Co.-Non VTG SHRS 1.13% 93,907 $7.2M Add +2.2%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 1.09% 61,417 $6.9M Add +0.7%
SAP Sap SE-Sponsored ADR 1.06% 27,443 $6.8M Reduce -1.1%
BDX Becton Dickinson and Co. 1.03% 28,893 $6.6M Add +6.5%
MMM 3M Co. 1.01% 50,094 $6.5M Add +0.9%
KEYS Keysight Technologies Inc. 0.98% 38,762 $6.2M Reduce -0.3%
MDT Medtronic PLC 0.93% 73,698 $5.9M Add +3.0%
IDXX Idexx Laboratories Inc. 0.90% 13,954 $5.8M Add +0.3%
NFG National Fuel Gas Co. 0.90% 93,429 $5.7M Add +0.9%
REGN Regeneron Pharmaceuticals 0.88% 7,871 $5.6M Add +0.5%
BMY Bristol-Myers Squibb Co. 0.84% 95,034 $5.4M Add +0.4%
STT State Street Corp. 0.83% 53,744 $5.3M Add +0.0%
KO The Coca-Cola Co. 0.80% 81,801 $5.1M Add +0.0%
RJF Raymond James Financial Inc. 0.78% 31,957 $5.0M Reduce -0.5%
PEP Pepsico Inc. 0.76% 31,673 $4.9M Add +0.4%
BMI Badger Meter Inc. 0.73% 22,009 $4.7M Add +0.7%
RY Royal Bank of Canada 0.73% 38,654 $4.7M Add +0.8%
FDX FedEx Corp. 0.73% 16,473 $4.7M Add +0.3%
NVS Novartis AG-Sponsored ADR 0.73% 47,809 $4.7M Add +1.0%
FFIV F5 Inc. 0.72% 18,275 $4.6M Add +0.1%
HAS Hasbro Inc. 0.71% 81,102 $4.5M Add +3.6%
TM Toyota Motor Corp. -Spon ADR 0.70% 22,980 $4.5M Add +3.3%
AGX Argan Inc. 0.67% 30,975 $4.2M Reduce -0.3%
CW Curtiss-Wright Corp. 0.66% 11,814 $4.2M Add +0.6%
ODC Oil-Dri Corp. of America 0.66% 47,750 $4.2M Reduce -0.3%
NVO Novo-Nordisk A/S-Spons ADR 0.65% 48,401 $4.2M Add +0.3%
MORN Morningstar Inc. 0.64% 12,060 $4.1M Reduce -0.3%
BCPC Balchem Corp. 0.64% 24,771 $4.1M Add +2.5%
UTHR United Therapeutics Corp. 0.61% 11,068 $3.9M Add +1.9%
LSTR Landstar System Inc. 0.60% 22,288 $3.8M Add +3.5%
SNA Snap-on Inc. 0.58% 10,850 $3.7M Reduce -0.3%
ESLT Elbit Systems Ltd. 0.57% 14,136 $3.7M Reduce -0.8%
SHEL Shell PLC-ADR 0.55% 56,010 $3.5M Add +1.2%
DXCM Dexcom Inc. 0.54% 44,483 $3.5M New
TDY Teledyne Technologies Inc. 0.54% 7,389 $3.4M Add +0.6%
SNY Sanofi-ADR 0.52% 68,805 $3.3M Add +1.9%
VEEV Veeva Systems Inc. Class A 0.52% 15,727 $3.3M Add +0.3%
CACI Caci International Inc. Class A 0.51% 8,051 $3.3M Add +2.0%
DLB Dolby Laboratories Inc. Class A 0.51% 41,453 $3.2M Add +3.2%
MASI Masimo Corp. 0.49% 18,720 $3.1M Add +1.1%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.47% 56,282 $3.0M Add +5.7%
PSX Phillips 66 0.46% 25,810 $2.9M Add +1.5%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.46% 16,684 $2.9M Add +1.1%
HBAN Huntington Bancshares Inc. 0.46% 177,819 $2.9M Add +0.3%
GOOG Alphabet Inc. Class C 0.45% 14,995 $2.9M Reduce -0.3%
UPS United Parcel Service Class B 0.44% 22,382 $2.8M Reduce -0.5%
WBS Webster Financial Corp. 0.43% 49,983 $2.8M Add +0.4%
SYNA Synaptics Inc. 0.43% 35,846 $2.7M Add +34.2%
IDCC Interdigital Inc. 0.42% 13,934 $2.7M Add +0.3%
SR Spire Inc. 0.41% 37,877 $2.6M Add +4.0%
RHI Robert Half Inc. 0.40% 36,509 $2.6M Add +1.1%
GGG Graco Inc. 0.40% 30,333 $2.6M Reduce -0.8%
PFE Pfizer Inc. 0.37% 89,915 $2.4M Reduce -2.8%
TD Toronto-Dominion Bank 0.37% 44,685 $2.4M Add +0.5%
TTE Totalenergies SE -Spon ADR 0.37% 42,903 $2.4M Add +2.6%
DD Dupont DE Nemours Inc. 0.36% 30,495 $2.3M Add +0.7%
CFR Cullen/Frost Bankers Inc. 0.36% 16,892 $2.3M Add +3.1%
UL Unilever PLC 0.35% 39,777 $2.3M Add +0.8%
CRUS Cirrus Logic Inc. 0.35% 22,398 $2.2M Add +4.8%
UNB Union Bankshares Inc. 0.34% 76,087 $2.2M Add +2.3%
OZK Bank Ozk 0.33% 46,999 $2.1M Add +2.8%
HUBG Hub Group Inc. Class A 0.32% 46,374 $2.1M Add +3.0%
GSK GSK PLC-Spon ADR 0.31% 58,328 $2.0M Add +3.5%
FNB FNB Corp. 0.31% 132,570 $2.0M Reduce -0.7%
CRL Charles River Laboratories 0.30% 10,500 $1.9M Reduce -0.0%
LNN Lindsay Corp. 0.30% 16,159 $1.9M Add +3.0%
GNTX Gentex Corp. 0.30% 65,730 $1.9M Add +3.8%
LZB La-Z-Boy Inc. 0.29% 42,736 $1.9M Add +3.8%
BSAC Banco Santander-Chile-ADR 0.29% 98,627 $1.9M Reduce -0.3%
SAM Boston Beer Company Inc. Class A 0.28% 5,991 $1.8M Add +4.8%
IT Gartner Inc. 0.28% 3,626 $1.8M Reduce -0.5%

Show all 131 holdings

Portfolio Sells Q3 2024 → Q4 2024
DLTR Dollar Tree Inc. Sold out 0.00% −0.71
LLY Eli Lilly & Co. Reduce -0.7% 3.45% −0.51
JNJ Johnson & Johnson Reduce -7.0% 2.35% −0.46
MRK Merck & Co. Inc. Reduce -6.1% 1.14% −0.23
MSFT Microsoft Corp. Reduce -0.5% 3.44% −0.06
PFE Pfizer Inc. Reduce -2.8% 0.37% −0.04
UPS United Parcel Service Class B Reduce -0.5% 0.44% −0.03
BSAC Banco Santander-Chile-ADR Reduce -0.3% 0.29% −0.03
CRL Charles River Laboratories Reduce -0.0% 0.30% −0.02
GGG Graco Inc. Reduce -0.8% 0.40% −0.02
IT Gartner Inc. Reduce -0.5% 0.28% −0.01
INTC Intel Corp. Reduce -3.0% 0.04% −0.01
CHKP Check Point Software Tech Reduce -0.9% 0.24% −0.01
HLN Haleon PLC-ADR Reduce -0.8% 0.07% −0.01
IBM Intl Business Machines Corp. Reduce -0.1% 1.51% +0.00
FNB FNB Corp. Reduce -0.7% 0.31% +0.01
KEYS Keysight Technologies Inc. Reduce -0.3% 0.98% +0.01
MORN Morningstar Inc. Reduce -0.3% 0.64% +0.04
GOOG Alphabet Inc. Class C Reduce -0.3% 0.45% +0.06
SAP Sap SE-Sponsored ADR Reduce -1.1% 1.06% +0.07
SNA Snap-on Inc. Reduce -0.3% 0.58% +0.09
COST Costco Wholesale Corp. Reduce -0.6% 3.12% +0.11
ADP Automatic Data Processing Reduce -0.3% 1.97% +0.12
BNY Bank of New York Mellon Corp. Reduce -0.2% 1.72% +0.12
ESLT Elbit Systems Ltd. Reduce -0.8% 0.57% +0.13
ODC Oil-Dri Corp. of America Reduce -0.3% 0.66% +0.14
RJF Raymond James Financial Inc. Reduce -0.5% 0.78% +0.17
AGX Argan Inc. Reduce -0.3% 0.67% +0.18
JPM JPMorgan Chase & Co. Reduce -1.6% 2.13% +0.24
WMT Walmart Inc. Reduce -0.5% 2.31% +0.26
USLM United States Lime & Mineral Reduce -1.0% 1.21% +0.32

Portfolio Buys Q3 2024 → Q4 2024
DXCM Dexcom Inc. New 0.54% +0.54
AAPL Apple Inc. Add +0.6% 3.30% +0.27
GOOGL Alphabet Inc. Class A Add +0.5% 2.00% +0.27
VC Visteon Corp. New 0.27% +0.27
EMR Emerson Electric Co. Add +1.1% 1.68% +0.23
CSCO Cisco Systems Inc. Add +0.3% 1.43% +0.16
IDCC Interdigital Inc. Add +0.3% 0.42% +0.12
SYNA Synaptics Inc. Add +34.2% 0.43% +0.11
LH Labcorp Holdings Inc. Add +5.0% 1.30% +0.10
MASI Masimo Corp. Add +1.1% 0.49% +0.10
FFIV F5 Inc. Add +0.1% 0.72% +0.10
CMI Cummins Inc. Add +0.1% 1.14% +0.09
STT State Street Corp. Add +0.0% 0.83% +0.09
TM Toyota Motor Corp. -Spon ADR Add +3.3% 0.70% +0.08
BMY Bristol-Myers Squibb Co. Add +0.4% 0.84% +0.08
WBS Webster Financial Corp. Add +0.4% 0.43% +0.07
CFR Cullen/Frost Bankers Inc. Add +3.1% 0.36% +0.07
DE Deere & Co. Add +1.3% 1.86% +0.07
CW Curtiss-Wright Corp. Add +0.6% 0.66% +0.06
TROW T Rowe Price Group Inc. Add +0.7% 1.09% +0.06
HBAN Huntington Bancshares Inc. Add +0.3% 0.46% +0.05
UNB Union Bankshares Inc. Add +2.3% 0.34% +0.04
TDY Teledyne Technologies Inc. Add +0.6% 0.54% +0.04
JAZZ Jazz Pharmaceuticals PLC Add +5.1% 0.25% +0.04
TMP Tompkins Financial Corp. Add +5.4% 0.18% +0.04
DLB Dolby Laboratories Inc. Class A Add +3.2% 0.51% +0.03
TFC Truist Financial Corp. Add +0.0% 1.33% +0.03
FDX FedEx Corp. Add +0.3% 0.73% +0.03
ALRM Alarm.com Holdings Inc. Add +0.6% 0.22% +0.03
RHI Robert Half Inc. Add +1.1% 0.40% +0.02
SAM Boston Beer Company Inc. Class A Add +4.8% 0.28% +0.02
BNS Bank of Nova Scotia Add +5.7% 0.47% +0.02
OZK Bank Ozk Add +2.8% 0.33% +0.02
SR Spire Inc. Add +4.0% 0.41% +0.02
LZB La-Z-Boy Inc. Add +3.8% 0.29% +0.02
NFG National Fuel Gas Co. Add +0.9% 0.90% +0.02
WOR Worthington Enterprises Inc. Add +12.2% 0.15% +0.01
KE Kimball Electronics Inc. Add +2.7% 0.27% +0.01
NVEC Nve Corp. Add +4.5% 0.18% +0.01
MIDD Middleby Corp. Add +8.5% 0.20% +0.01
BDX Becton Dickinson and Co. Add +6.5% 1.03% +0.01
UTHR United Therapeutics Corp. Add +1.9% 0.61% +0.01
HAE Haemonetics Corp. Add +5.4% 0.22% +0.01
VEEV Veeva Systems Inc. Class A Add +0.3% 0.52% +0.01
PLPC Preformed Line Products Co. Add +2.3% 0.21% +0.01
HUBG Hub Group Inc. Class A Add +3.0% 0.32% +0.01
JKHY Jack Henry & Associates Inc. Add +1.1% 0.46% +0.01
GNTX Gentex Corp. Add +3.8% 0.30% +0.00
WS Worthington Steel Inc. Add +10.5% 0.07% +0.00
SPY SS SPDR S&P 500 ETF Trust-US Add +1.2% 0.05% +0.00

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