Cardinal Capital Management

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 18, 2025), Cardinal Capital Management reported 132 stock positions worth $645.7 million. Its top holding was Eli Lilly (LLY) at 3.6% of the portfolio, followed by Costco Wholesale (COST, 3.1%) and Microsoft (MSFT, 3.0%). Compared with Q4 2024, it opened 1 new position, added to 109 and reduced 19. The biggest buy was Johnson & Johnson (JNJ, shares +9%) and the biggest sale Microsoft (MSFT, shares −2%).

Most Recent 13F
Q2 2026
Location
RALEIGH, NC
CIK
0001434845
Portfolio Value
$645.7M (Q1 2025)
SEC Filing
0001434845-25-000004 ↗ filed Apr 18, 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 Q4 2024 Q1 2025: $645.7M $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 132 stocks · $645.7M
LLY Eli Lilly & Co. 3.57% 27,904 $23.0M Reduce -2.1%
COST Costco Wholesale Corp. 3.14% 21,443 $20.3M Reduce -1.3%
MSFT Microsoft Corp. 2.96% 50,977 $19.1M Reduce -2.2%
JNJ Johnson & Johnson 2.91% 113,144 $18.8M Add +9.3%
AAPL Apple Inc. 2.88% 83,759 $18.6M Reduce -0.3%
WMT Walmart Inc. 2.17% 159,375 $14.0M Reduce -1.8%
JPM JPMorgan Chase & Co. 2.10% 55,406 $13.6M Reduce -2.0%
XOM Exxon Mobil Corp. 2.08% 112,953 $13.4M Add +0.3%
DE Deere & Co. 2.02% 27,698 $13.0M Reduce -0.5%
ADP Automatic Data Processing 2.02% 42,456 $13.0M Reduce -0.7%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 1.82% 140,226 $11.8M Reduce -1.6%
LOW Lowe's Cos Inc. 1.70% 46,932 $10.9M Add +0.8%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.69% 43,919 $10.9M Reduce -0.0%
ECL Ecolab Inc. 1.66% 42,061 $10.7M Add +0.6%
ITW Illinois Tool Works 1.61% 41,736 $10.4M Add +1.3%
GOOGL Alphabet Inc. Class A 1.61% 67,227 $10.4M Add +0.0%
QCOM Qualcomm Inc. 1.58% 66,410 $10.2M Add +1.4%
EMR Emerson Electric Co. 1.48% 87,060 $9.5M Add +0.6%
CSCO Cisco Systems Inc. 1.47% 154,286 $9.5M Add +0.5%
PG The Procter & Gamble Co. 1.47% 55,552 $9.5M Add +1.8%
COP Conocophillips 1.40% 86,367 $9.1M Add +6.4%
LH Labcorp Holdings Inc. 1.32% 36,689 $8.5M Add +1.8%
SBUX Starbucks Corp. 1.29% 84,785 $8.3M Add +1.4%
A Agilent Technologies Inc. 1.27% 70,325 $8.2M Add +2.3%
TFC Truist Financial Corp. 1.27% 198,813 $8.2M Add +1.8%
MRK Merck & Co. Inc. 1.23% 87,798 $8.0M Add +20.9%
MKC McCormick & Co.-Non VTG SHRS 1.23% 96,539 $7.9M Add +2.8%
NFG National Fuel Gas Co. 1.18% 95,885 $7.6M Add +2.6%
MMM 3M Co. 1.17% 51,285 $7.5M Add +2.4%
GIS General Mills Inc. 1.16% 125,234 $7.5M Add +4.1%
SAP Sap SE-Sponsored ADR 1.14% 27,304 $7.3M Reduce -0.5%
MDT Medtronic PLC 1.07% 76,524 $6.9M Add +3.8%
BDX Becton Dickinson and Co. 1.07% 30,029 $6.9M Add +3.9%
CMI Cummins Inc. 1.02% 21,019 $6.6M Add +0.5%
BMY Bristol-Myers Squibb Co. 0.92% 97,659 $6.0M Add +2.8%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.92% 64,774 $6.0M Add +5.5%
IDXX Idexx Laboratories Inc. 0.92% 14,089 $5.9M Add +1.0%
KO The Coca-Cola Co. 0.91% 81,403 $5.9M Reduce -0.5%
KEYS Keysight Technologies Inc. 0.90% 38,933 $5.8M Add +0.4%
HAS Hasbro Inc. 0.86% 90,495 $5.6M Add +11.6%
NVS Novartis AG-Sponsored ADR 0.86% 47,951 $5.5M Add +0.3%
USLM United States Lime & Mineral 0.80% 58,239 $5.1M Add +0.3%
REGN Regeneron Pharmaceuticals 0.79% 8,036 $5.1M Add +2.1%
FFIV F5 Inc. 0.76% 18,377 $4.9M Add +0.6%
STT State Street Corp. 0.75% 54,442 $4.9M Add +1.3%
PEP Pepsico Inc. 0.75% 32,196 $4.8M Add +1.6%
ESLT Elbit Systems Ltd. 0.70% 11,707 $4.5M Reduce -17.2%
RJF Raymond James Financial Inc. 0.69% 32,219 $4.5M Add +0.8%
ODC Oil-Dri Corp. of America 0.68% 95,433 $4.4M No change
RY Royal Bank of Canada 0.68% 38,709 $4.4M Add +0.1%
BCPC Balchem Corp. 0.66% 25,842 $4.3M Add +4.3%
BMI Badger Meter Inc. 0.66% 22,296 $4.2M Add +1.3%
FDX FedEx Corp. 0.64% 16,934 $4.2M Add +2.8%
SHEL Shell PLC-ADR 0.63% 55,935 $4.1M Reduce -0.1%
TM Toyota Motor Corp. -Spon ADR 0.63% 23,135 $4.1M Add +0.7%
AGX Argan Inc. 0.63% 31,086 $4.1M Add +0.4%
SNY Sanofi-ADR 0.59% 69,004 $3.8M Add +0.3%
CW Curtiss-Wright Corp. 0.59% 11,975 $3.8M Add +1.4%
TDY Teledyne Technologies Inc. 0.58% 7,560 $3.8M Add +2.3%
SNA Snap-on Inc. 0.58% 11,041 $3.7M Add +1.8%
VEEV Veeva Systems Inc. Class A 0.58% 16,044 $3.7M Add +2.0%
MORN Morningstar Inc. 0.57% 12,335 $3.7M Add +2.3%
UTHR United Therapeutics Corp. 0.56% 11,699 $3.6M Add +5.7%
LSTR Landstar System Inc. 0.55% 23,759 $3.6M Add +6.6%
DLB Dolby Laboratories Inc. Class A 0.54% 43,315 $3.5M Add +4.5%
NVO Novo-Nordisk A/S-Spons ADR 0.53% 48,415 $3.4M Add +0.0%
MASI Masimo Corp. 0.51% 19,868 $3.3M Add +6.1%
PSX Phillips 66 0.51% 26,690 $3.3M Add +3.4%
SR Spire Inc. 0.49% 39,957 $3.2M Add +5.5%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.48% 17,133 $3.1M Add +2.7%
DXCM Dexcom Inc. 0.48% 45,569 $3.1M Add +2.4%
CACI Caci International Inc. Class A 0.47% 8,232 $3.0M Add +2.3%
IDCC Interdigital Inc. 0.47% 14,539 $3.0M Add +4.3%
TTE Totalenergies SE -Spon ADR 0.44% 43,040 $2.8M Add +0.3%
HBAN Huntington Bancshares Inc. 0.43% 183,604 $2.8M Add +3.3%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.42% 57,409 $2.7M Add +2.0%
TD Toronto-Dominion Bank 0.42% 45,212 $2.7M Add +1.2%
WBS Webster Financial Corp. 0.41% 51,673 $2.7M Add +3.4%
SYNA Synaptics Inc. 0.41% 41,495 $2.6M Add +15.8%
UNB Union Bankshares Inc. 0.40% 82,738 $2.6M Add +8.7%
UPS United Parcel Service Class B 0.40% 23,654 $2.6M Add +5.7%
GGG Graco Inc. 0.39% 30,419 $2.5M Add +0.3%
PFE Pfizer Inc. 0.37% 95,064 $2.4M Add +5.7%
DD Dupont DE Nemours Inc. 0.37% 31,935 $2.4M Add +4.7%
UL Unilever PLC 0.37% 39,953 $2.4M Add +0.4%
CRUS Cirrus Logic Inc. 0.36% 23,393 $2.3M Add +4.4%
GSK GSK PLC-Spon ADR 0.35% 58,572 $2.3M Add +0.4%
GOOG Alphabet Inc. Class C 0.35% 14,660 $2.3M Reduce -2.2%
BSAC Banco Santander-Chile-ADR 0.35% 99,099 $2.3M Add +0.5%
CFR Cullen/Frost Bankers Inc. 0.34% 17,743 $2.2M Add +5.0%
LNN Lindsay Corp. 0.33% 16,755 $2.1M Add +3.7%
OZK Bank Ozk 0.33% 48,626 $2.1M Add +3.5%
RHI Robert Half Inc. 0.33% 38,638 $2.1M Add +5.8%
CHKP Check Point Software Tech 0.29% 8,246 $1.9M Reduce -0.2%
SAM Boston Beer Company Inc. Class A 0.29% 7,841 $1.9M Add +30.9%
FNB FNB Corp. 0.29% 138,968 $1.9M Add +4.8%
HUBG Hub Group Inc. Class A 0.28% 48,580 $1.8M Add +4.8%
LZB La-Z-Boy Inc. 0.27% 45,167 $1.8M Add +5.7%
ALC Alcon Inc. filed as ALCON AG 0.27% 18,048 $1.7M Add +1.4%
WLY Wiley (john) & Sons Class A 0.26% 38,155 $1.7M Add +9.0%
CTVA Corteva Inc. 0.26% 26,417 $1.7M Add +1.7%
GNTX Gentex Corp. 0.26% 70,837 $1.7M Add +7.8%
JAZZ Jazz Pharmaceuticals PLC 0.25% 13,254 $1.6M Add +0.9%
KE Kimball Electronics Inc. 0.25% 98,916 $1.6M Add +7.2%
CRL Charles River Laboratories 0.25% 10,723 $1.6M Add +2.1%
PAHC Phibro Animal Health Corp. Class A 0.25% 75,010 $1.6M Add +9.6%
NXPI NXP Semiconductors NV 0.24% 8,183 $1.6M Add +0.1%
IT Gartner Inc. 0.24% 3,715 $1.6M Add +2.5%
PLPC Preformed Line Products Co. 0.24% 11,101 $1.6M Add +5.8%
VC Visteon Corp. 0.24% 19,859 $1.5M Add +4.2%
MHK Mohawk Industries Inc. 0.24% 13,494 $1.5M Add +6.5%
MIDD Middleby Corp. 0.23% 9,840 $1.5M Add +5.1%
OLED Universal Display Corp. 0.22% 10,120 $1.4M Add +5.8%
ALRM Alarm.com Holdings Inc. 0.22% 25,038 $1.4M Add +6.7%
WOR Worthington Enterprises Inc. 0.21% 26,654 $1.3M Add +11.3%
SEE Sealed Air Corp. 0.20% 45,360 $1.3M Add +7.7%
HAE Haemonetics Corp. 0.20% 19,815 $1.3M Add +8.4%
UTMD Utah Medical Products Inc. 0.19% 21,868 $1.2M Add +10.5%
TMP Tompkins Financial Corp. 0.18% 18,511 $1.2M Add +10.4%
AMCR Amcor PLC 0.18% 120,037 $1.2M Add +0.6%
DOW Dow Inc. 0.17% 32,125 $1.1M Add +11.6%
HSIC Henry Schein Inc. 0.16% 14,789 $1.0M Add +3.3%
IIIN Insteel Industries Inc. 0.15% 37,881 $996K Add +3.5%
NVEC Nve Corp. 0.15% 14,985 $955K Add +8.1%
OFLX Omega Flex Inc. 0.14% 26,835 $933K New
HLIO Helios Technologies Inc. 0.13% 25,310 $812K Add +9.0%
IGSB iShares 1-5Y Inv Grade Corp. 0.12% 15,340 $803K No change
BA The Boeing Co. 0.08% 3,034 $517K No change
HLN Haleon PLC-ADR 0.07% 46,446 $478K Reduce -0.2%
WS Worthington Steel Inc. 0.06% 16,069 $407K Add +8.2%
SPY SS SPDR S&P 500 ETF Trust-US 0.05% 547 $307K Reduce -7.3%
INTC Intel Corp. 0.04% 11,660 $265K Reduce -14.6%

Portfolio Sells Q4 2024 → Q1 2025
MSFT Microsoft Corp. Reduce -2.2% 2.96% −0.48
AAPL Apple Inc. Reduce -0.3% 2.88% −0.42
WMT Walmart Inc. Reduce -1.8% 2.17% −0.13
GOOG Alphabet Inc. Class C Reduce -2.2% 0.35% −0.09
JPM JPMorgan Chase & Co. Reduce -2.0% 2.10% −0.02
SPY SS SPDR S&P 500 ETF Trust-US Reduce -7.3% 0.05% −0.01
INTC Intel Corp. Reduce -14.6% 0.04% −0.00
HLN Haleon PLC-ADR Reduce -0.2% 0.07% +0.00
COST Costco Wholesale Corp. Reduce -1.3% 3.14% +0.02
ADP Automatic Data Processing Reduce -0.7% 2.02% +0.05
CHKP Check Point Software Tech Reduce -0.2% 0.29% +0.05
SAP Sap SE-Sponsored ADR Reduce -0.5% 1.14% +0.08
SHEL Shell PLC-ADR Reduce -0.1% 0.63% +0.08
BNY Bank of New York Mellon Corp. Reduce -1.6% 1.82% +0.10
KO The Coca-Cola Co. Reduce -0.5% 0.91% +0.11
LLY Eli Lilly & Co. Reduce -2.1% 3.57% +0.12
ESLT Elbit Systems Ltd. Reduce -17.2% 0.70% +0.12
DE Deere & Co. Reduce -0.5% 2.02% +0.16
IBM Intl Business Machines Corp. Reduce -0.0% 1.69% +0.18

Portfolio Buys Q4 2024 → Q1 2025
JNJ Johnson & Johnson Add +9.3% 2.91% +0.56
NFG National Fuel Gas Co. Add +2.6% 1.18% +0.29
XOM Exxon Mobil Corp. Add +0.3% 2.08% +0.18
MMM 3M Co. Add +2.4% 1.17% +0.15
HAS Hasbro Inc. Add +11.6% 0.86% +0.15
OFLX Omega Flex Inc. New 0.14% +0.14
COP Conocophillips Add +6.4% 1.40% +0.14
MDT Medtronic PLC Add +3.8% 1.07% +0.14
NVS Novartis AG-Sponsored ADR Add +0.3% 0.86% +0.13
ECL Ecolab Inc. Add +0.6% 1.66% +0.12
MKC McCormick & Co.-Non VTG SHRS Add +2.8% 1.23% +0.10
SBUX Starbucks Corp. Add +1.4% 1.29% +0.09
MRK Merck & Co. Inc. Add +20.9% 1.23% +0.09
SR Spire Inc. Add +5.5% 0.49% +0.08
BMY Bristol-Myers Squibb Co. Add +2.8% 0.92% +0.08
SNY Sanofi-ADR Add +0.3% 0.59% +0.07
TTE Totalenergies SE -Spon ADR Add +0.3% 0.44% +0.06
UNB Union Bankshares Inc. Add +8.7% 0.40% +0.06
BSAC Banco Santander-Chile-ADR Add +0.5% 0.35% +0.06
VEEV Veeva Systems Inc. Class A Add +2.0% 0.58% +0.06
WOR Worthington Enterprises Inc. Add +11.3% 0.21% +0.06
CSCO Cisco Systems Inc. Add +0.5% 1.47% +0.05
PSX Phillips 66 Add +3.4% 0.51% +0.05
TD Toronto-Dominion Bank Add +1.2% 0.42% +0.05
TDY Teledyne Technologies Inc. Add +2.3% 0.58% +0.04
GSK GSK PLC-Spon ADR Add +0.4% 0.35% +0.04
IDCC Interdigital Inc. Add +4.3% 0.47% +0.04
BDX Becton Dickinson and Co. Add +3.9% 1.07% +0.04
FFIV F5 Inc. Add +0.6% 0.76% +0.04
MIDD Middleby Corp. Add +5.1% 0.23% +0.03
PG The Procter & Gamble Co. Add +1.8% 1.47% +0.03
DLB Dolby Laboratories Inc. Class A Add +4.5% 0.54% +0.03
PLPC Preformed Line Products Co. Add +5.8% 0.24% +0.03
LNN Lindsay Corp. Add +3.7% 0.33% +0.03
ALC Alcon Inc. Add +1.4% 0.27% +0.03
BCPC Balchem Corp. Add +4.3% 0.66% +0.03
MASI Masimo Corp. Add +6.1% 0.51% +0.03
LH Labcorp Holdings Inc. Add +1.8% 1.32% +0.03
JKHY Jack Henry & Associates Inc. Add +2.7% 0.48% +0.03
CTVA Corteva Inc. Add +1.7% 0.26% +0.03
PAHC Phibro Animal Health Corp. Class A Add +9.6% 0.25% +0.02
WLY Wiley (john) & Sons Class A Add +9.0% 0.26% +0.02
UL Unilever PLC Add +0.4% 0.37% +0.01
IDXX Idexx Laboratories Inc. Add +1.0% 0.92% +0.01
CRUS Cirrus Logic Inc. Add +4.4% 0.36% +0.01
SAM Boston Beer Company Inc. Class A Add +30.9% 0.29% +0.01
DD Dupont DE Nemours Inc. Add +4.7% 0.37% +0.00
AMCR Amcor PLC Add +0.6% 0.18% +0.00
QCOM Qualcomm Inc. Add +1.4% 1.58% +0.00
TMP Tompkins Financial Corp. Add +10.4% 0.18% +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