Cardinal Capital Management

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 15, 2025), Cardinal Capital Management reported 128 stock positions worth $681.4 million. Its top holding was Microsoft (MSFT) at 3.7% of the portfolio, followed by Eli Lilly (LLY, 3.2%) and Costco Wholesale (COST, 3.1%). Compared with Q1 2025, it sold out of 4, added to 111 and reduced 16. The biggest buy was Microsoft (MSFT, shares +0%) and the biggest sale an exit from Pfizer (PFE).

Most Recent 13F
Q2 2026
Location
RALEIGH, NC
CIK
0001434845
Portfolio Value
$681.4M (Q2 2025)
SEC Filing
0001434845-25-000005 ↗ filed Jul 15, 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 Q1 2025 Q2 2025: $681.4M $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 128 stocks · $681.4M
MSFT Microsoft Corp. 3.73% 51,044 $25.4M Add +0.1%
LLY Eli Lilly & Co. 3.20% 27,994 $21.8M Add +0.3%
COST Costco Wholesale Corp. 3.06% 21,083 $20.9M Reduce -1.7%
AAPL Apple Inc. 2.64% 87,738 $18.0M Add +4.8%
JNJ Johnson & Johnson 2.62% 116,942 $17.9M Add +3.4%
JPM JPMorgan Chase & Co. 2.54% 59,809 $17.3M Add +8.0%
WMT Walmart Inc. 2.27% 158,506 $15.5M Reduce -0.6%
DE Deere & Co. 2.10% 28,086 $14.3M Add +1.4%
ADP Automatic Data Processing 1.95% 42,948 $13.3M Add +1.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.92% 44,290 $13.1M Add +0.8%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 1.89% 141,372 $12.9M Add +0.8%
XOM Exxon Mobil Corp. 1.81% 114,645 $12.4M Add +1.5%
GOOGL Alphabet Inc. Class A 1.75% 67,840 $12.0M Add +0.9%
EMR Emerson Electric Co. 1.74% 88,954 $11.9M Add +2.2%
ECL Ecolab Inc. 1.70% 42,793 $11.6M Add +1.7%
CSCO Cisco Systems Inc. 1.60% 156,763 $10.9M Add +1.6%
QCOM Qualcomm Inc. 1.59% 68,088 $10.8M Add +2.5%
LOW Lowe's Cos Inc. 1.56% 48,035 $10.7M Add +2.4%
ITW Illinois Tool Works 1.56% 42,708 $10.6M Add +2.3%
LH Labcorp Holdings Inc. 1.46% 37,838 $9.9M Add +3.1%
PG The Procter & Gamble Co. 1.33% 56,684 $9.0M Add +2.0%
TFC Truist Financial Corp. 1.30% 205,319 $8.8M Add +3.3%
A Agilent Technologies Inc. 1.27% 73,561 $8.7M Add +4.6%
NFG National Fuel Gas Co. 1.24% 98,794 $8.4M Add +3.0%
SAP Sap SE-Sponsored ADR 1.22% 27,227 $8.3M Reduce -0.3%
SBUX Starbucks Corp. 1.21% 89,817 $8.2M Add +5.9%
MMM 3M Co. 1.19% 53,379 $8.1M Add +4.1%
COP Conocophillips 1.18% 89,255 $8.0M Add +3.3%
IDXX Idexx Laboratories Inc. 1.12% 14,268 $7.7M Add +1.3%
MKC McCormick & Co.-Non VTG SHRS 1.11% 100,184 $7.6M Add +3.8%
MRK Merck & Co. Inc. 1.09% 92,737 $7.4M Add +5.6%
HAS Hasbro Inc. 1.06% 97,792 $7.2M Add +8.1%
MDT Medtronic PLC 1.04% 80,730 $7.1M Add +5.5%
CMI Cummins Inc. 1.03% 21,498 $7.0M Add +2.3%
GIS General Mills Inc. 1.00% 131,477 $6.8M Add +5.0%
AGX Argan Inc. 0.99% 30,510 $6.7M Reduce -1.9%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.98% 69,443 $6.7M Add +7.2%
KEYS Keysight Technologies Inc. 0.95% 39,684 $6.5M Add +1.9%
NVS Novartis AG-Sponsored ADR 0.87% 49,013 $5.9M Add +2.2%
STT State Street Corp. 0.86% 55,394 $5.9M Add +1.8%
KO The Coca-Cola Co. 0.86% 82,277 $5.9M Add +1.1%
CW Curtiss-Wright Corp. 0.85% 11,889 $5.8M Reduce -0.7%
USLM United States Lime & Mineral 0.84% 57,494 $5.7M Reduce -1.3%
ODC Oil-Dri Corp. of America 0.82% 94,975 $5.6M Reduce -0.5%
FFIV F5 Inc. 0.80% 18,502 $5.4M Add +0.7%
BMI Badger Meter Inc. 0.80% 22,204 $5.4M Reduce -0.4%
BDX Becton Dickinson and Co. 0.79% 31,342 $5.4M Add +4.4%
RY Royal Bank of Canada 0.76% 39,326 $5.2M Add +1.6%
RJF Raymond James Financial Inc. 0.73% 32,443 $5.0M Add +0.7%
VEEV Veeva Systems Inc. Class A 0.69% 16,436 $4.7M Add +2.4%
BMY Bristol-Myers Squibb Co. 0.69% 101,073 $4.7M Add +3.5%
REGN Regeneron Pharmaceuticals 0.64% 8,316 $4.4M Add +3.5%
PEP Pepsico Inc. 0.64% 33,004 $4.4M Add +2.5%
MORN Morningstar Inc. 0.64% 13,854 $4.3M Add +12.3%
DXCM Dexcom Inc. 0.61% 47,272 $4.1M Add +3.7%
BCPC Balchem Corp. 0.60% 25,878 $4.1M Add +0.1%
TM Toyota Motor Corp. -Spon ADR 0.60% 23,755 $4.1M Add +2.7%
FDX FedEx Corp. 0.59% 17,645 $4.0M Add +4.2%
SHEL Shell PLC-ADR 0.59% 56,767 $4.0M Add +1.5%
TDY Teledyne Technologies Inc. 0.57% 7,592 $3.9M Add +0.4%
CACI Caci International Inc. Class A 0.57% 8,134 $3.9M Reduce -1.2%
ESLT Elbit Systems Ltd. 0.51% 7,772 $3.5M Reduce -33.6%
SNA Snap-on Inc. 0.51% 11,165 $3.5M Add +1.1%
SNY Sanofi-ADR 0.50% 71,042 $3.4M Add +3.0%
NVO Novo-Nordisk A/S-Spons ADR 0.50% 49,576 $3.4M Add +2.4%
UTHR United Therapeutics Corp. 0.50% 11,876 $3.4M Add +1.5%
MASI Masimo Corp. 0.50% 20,237 $3.4M Add +1.9%
TD Toronto-Dominion Bank 0.49% 45,871 $3.4M Add +1.5%
LSTR Landstar System Inc. 0.49% 24,234 $3.4M Add +2.0%
PSX Phillips 66 0.49% 27,932 $3.3M Add +4.7%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.49% 60,074 $3.3M Add +4.6%
DLB Dolby Laboratories Inc. Class A 0.48% 44,078 $3.3M Add +1.8%
IDCC Interdigital Inc. 0.48% 14,535 $3.3M Reduce -0.0%
HBAN Huntington Bancshares Inc. 0.46% 185,804 $3.1M Add +1.2%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.45% 17,161 $3.1M Add +0.2%
SR Spire Inc. 0.44% 40,713 $3.0M Add +1.9%
WBS Webster Financial Corp. 0.42% 53,038 $2.9M Add +2.6%
SYNA Synaptics Inc. 0.42% 43,826 $2.8M Add +5.6%
TTE Totalenergies SE -Spon ADR 0.40% 43,959 $2.7M Add +2.1%
GOOG Alphabet Inc. Class C 0.39% 14,790 $2.6M Add +0.9%
GGG Graco Inc. 0.38% 30,150 $2.6M Reduce -0.9%
BSAC Banco Santander-Chile-ADR 0.37% 99,974 $2.5M Add +0.9%
UL Unilever PLC 0.37% 40,885 $2.5M Add +2.3%
PAHC Phibro Animal Health Corp. Class A 0.36% 96,639 $2.5M Add +28.8%
UPS United Parcel Service Class B 0.36% 24,187 $2.4M Add +2.3%
CRUS Cirrus Logic Inc. 0.36% 23,402 $2.4M Add +0.0%
LNN Lindsay Corp. 0.35% 16,581 $2.4M Reduce -1.0%
GSK GSK PLC-Spon ADR 0.34% 60,166 $2.3M Add +2.7%
DD Dupont DE Nemours Inc. 0.34% 33,945 $2.3M Add +6.3%
CFR Cullen/Frost Bankers Inc. 0.34% 17,824 $2.3M Add +0.5%
OZK Bank Ozk 0.33% 48,169 $2.3M Reduce -0.9%
UNB Union Bankshares Inc. 0.33% 84,511 $2.2M Add +2.1%
FNB FNB Corp. 0.30% 140,615 $2.1M Add +1.2%
CTVA Corteva Inc. 0.29% 26,930 $2.0M Add +1.9%
KE Kimball Electronics Inc. 0.28% 100,558 $1.9M Add +1.7%
VC Visteon Corp. 0.27% 19,998 $1.9M Add +0.7%
CHKP Check Point Software Tech 0.27% 8,311 $1.8M Add +0.8%
NXPI NXP Semiconductors NV 0.27% 8,312 $1.8M Add +1.6%
SAM Boston Beer Company Inc. Class A 0.27% 9,530 $1.8M Add +21.5%
PLPC Preformed Line Products Co. 0.27% 11,374 $1.8M Add +2.5%

Show all 128 holdings

Portfolio Sells Q1 2025 → Q2 2025
PFE Pfizer Inc. Sold out 0.00% −0.37
ESLT Elbit Systems Ltd. Reduce -33.6% 0.51% −0.18
DOW Dow Inc. Sold out 0.00% −0.17
AMCR Amcor PLC Reduce -89.4% 0.02% −0.16
HLIO Helios Technologies Inc. Sold out 0.00% −0.13
BA The Boeing Co. Sold out 0.00% −0.08
COST Costco Wholesale Corp. Reduce -1.7% 3.06% −0.08
GNTX Gentex Corp. Reduce -6.5% 0.21% −0.04
GGG Graco Inc. Reduce -0.9% 0.38% −0.01
OZK Bank Ozk Reduce -0.9% 0.33% +0.01
IDCC Interdigital Inc. Reduce -0.0% 0.48% +0.01
LNN Lindsay Corp. Reduce -1.0% 0.35% +0.02
USLM United States Lime & Mineral Reduce -1.3% 0.84% +0.04
SAP Sap SE-Sponsored ADR Reduce -0.3% 1.22% +0.08
CACI Caci International Inc. Class A Reduce -1.2% 0.57% +0.10
WMT Walmart Inc. Reduce -0.6% 2.27% +0.10
BMI Badger Meter Inc. Reduce -0.4% 0.80% +0.14
ODC Oil-Dri Corp. of America Reduce -0.5% 0.82% +0.14
CW Curtiss-Wright Corp. Reduce -0.7% 0.85% +0.26
AGX Argan Inc. Reduce -1.9% 0.99% +0.36

Portfolio Buys Q1 2025 → Q2 2025
MSFT Microsoft Corp. Add +0.1% 3.73% +0.76
JPM JPMorgan Chase & Co. Add +8.0% 2.54% +0.44
EMR Emerson Electric Co. Add +2.2% 1.74% +0.26
IBM Intl Business Machines Corp. Add +0.8% 1.92% +0.22
IDXX Idexx Laboratories Inc. Add +1.3% 1.12% +0.21
HAS Hasbro Inc. Add +8.1% 1.06% +0.20
GOOGL Alphabet Inc. Class A Add +0.9% 1.75% +0.14
LH Labcorp Holdings Inc. Add +3.1% 1.46% +0.14
DXCM Dexcom Inc. Add +3.7% 0.61% +0.12
CSCO Cisco Systems Inc. Add +1.6% 1.60% +0.12
VEEV Veeva Systems Inc. Class A Add +2.4% 0.69% +0.12
PAHC Phibro Animal Health Corp. Class A Add +28.8% 0.36% +0.11
STT State Street Corp. Add +1.8% 0.86% +0.11
RY Royal Bank of Canada Add +1.6% 0.76% +0.08
DE Deere & Co. Add +1.4% 2.10% +0.08
TD Toronto-Dominion Bank Add +1.5% 0.49% +0.07
BNY Bank of New York Mellon Corp. Add +0.8% 1.89% +0.07
BNS Bank of Nova Scotia Add +4.6% 0.49% +0.07
MORN Morningstar Inc. Add +12.3% 0.64% +0.07
TROW T Rowe Price Group Inc. Add +7.2% 0.98% +0.06
IIIN Insteel Industries Inc. Add +2.8% 0.21% +0.06
NFG National Fuel Gas Co. Add +3.0% 1.24% +0.05
KEYS Keysight Technologies Inc. Add +1.9% 0.95% +0.05
WOR Worthington Enterprises Inc. Add +2.0% 0.25% +0.05
OFLX Omega Flex Inc. Add +45.0% 0.19% +0.04
FFIV F5 Inc. Add +0.7% 0.80% +0.04
ECL Ecolab Inc. Add +1.7% 1.70% +0.04
CTVA Corteva Inc. Add +1.9% 0.29% +0.04
RJF Raymond James Financial Inc. Add +0.7% 0.73% +0.04
VC Visteon Corp. Add +0.7% 0.27% +0.04
KE Kimball Electronics Inc. Add +1.7% 0.28% +0.03
GOOG Alphabet Inc. Class C Add +0.9% 0.39% +0.03
HBAN Huntington Bancshares Inc. Add +1.2% 0.46% +0.03
HAE Haemonetics Corp. Add +3.3% 0.22% +0.03
TFC Truist Financial Corp. Add +3.3% 1.30% +0.03
MMM 3M Co. Add +4.1% 1.19% +0.03
PLPC Preformed Line Products Co. Add +2.5% 0.27% +0.03
NXPI NXP Semiconductors NV Add +1.6% 0.27% +0.03
NVEC Nve Corp. Add +4.7% 0.17% +0.02
BSAC Banco Santander-Chile-ADR Add +0.9% 0.37% +0.02
OLED Universal Display Corp. Add +3.0% 0.24% +0.02
NVS Novartis AG-Sponsored ADR Add +2.2% 0.87% +0.01
CMI Cummins Inc. Add +2.3% 1.03% +0.01
WBS Webster Financial Corp. Add +2.6% 0.42% +0.01
QCOM Qualcomm Inc. Add +2.5% 1.59% +0.01
FNB FNB Corp. Add +1.2% 0.30% +0.01
SEE Sealed Air Corp. Add +3.0% 0.21% +0.01
WS Worthington Steel Inc. Add +2.7% 0.07% +0.01
SYNA Synaptics Inc. Add +5.6% 0.42% +0.01
HSIC Henry Schein Inc. Add +2.7% 0.16% +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