Cardinal Capital Management

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 23, 2025), Cardinal Capital Management reported 131 stock positions worth $723.4 million. Its top holding was Microsoft (MSFT) at 3.6% of the portfolio, followed by Apple (AAPL, 3.1%) and Johnson & Johnson (JNJ, 3.0%). Compared with Q2 2025, it opened 4 new positions, sold out of 1, added to 100 and reduced 26. The biggest buy was Johnson & Johnson (JNJ, shares +0%) and the biggest sale Costco Wholesale (COST, shares −1%).

Most Recent 13F
Q2 2026
Location
RALEIGH, NC
CIK
0001434845
Portfolio Value
$723.4M (Q3 2025)
SEC Filing
0001434845-25-000009 ↗ filed Oct 23, 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 Q2 2025 Q3 2025: $723.4M $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 · $723.4M
MSFT Microsoft Corp. 3.59% 50,195 $26.0M Reduce -1.7%
AAPL Apple Inc. 3.08% 87,613 $22.3M Reduce -0.1%
JNJ Johnson & Johnson 3.01% 117,262 $21.7M Add +0.3%
LLY Eli Lilly & Co. 2.95% 27,998 $21.4M Add +0.0%
COST Costco Wholesale Corp. 2.68% 20,917 $19.4M Reduce -0.8%
JPM JPMorgan Chase & Co. 2.58% 59,156 $18.7M Reduce -1.1%
GOOGL Alphabet Inc. Class A 2.24% 66,666 $16.2M Reduce -1.7%
WMT Walmart Inc. 2.24% 157,032 $16.2M Reduce -0.9%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 2.11% 140,370 $15.3M Reduce -0.7%
XOM Exxon Mobil Corp. 1.80% 115,204 $13.0M Add +0.5%
DE Deere & Co. 1.78% 28,059 $12.9M Reduce -0.1%
ADP Automatic Data Processing 1.76% 43,068 $12.7M Add +0.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.73% 44,323 $12.5M Add +0.1%
LOW Lowe's Cos Inc. 1.67% 48,141 $12.1M Add +0.2%
ECL Ecolab Inc. 1.63% 42,853 $11.8M Add +0.1%
EMR Emerson Electric Co. 1.61% 88,913 $11.7M Reduce -0.1%
QCOM Qualcomm Inc. 1.57% 68,439 $11.4M Add +0.5%
ITW Illinois Tool Works 1.56% 42,968 $11.3M Add +0.6%
LH Labcorp Holdings Inc. 1.51% 38,012 $10.9M Add +0.5%
CSCO Cisco Systems Inc. 1.48% 156,922 $10.7M Add +0.1%
A Agilent Technologies Inc. 1.33% 74,791 $9.6M Add +1.7%
TFC Truist Financial Corp. 1.31% 206,940 $9.5M Add +0.8%
NFG National Fuel Gas Co. 1.28% 99,775 $9.3M Add +1.0%
CMI Cummins Inc. 1.25% 21,479 $9.1M Reduce -0.1%
IDXX Idexx Laboratories Inc. 1.25% 14,178 $9.1M Reduce -0.6%
PG The Procter & Gamble Co. 1.22% 57,437 $8.8M Add +1.3%
COP Conocophillips 1.18% 89,942 $8.5M Add +0.8%
MMM 3M Co. 1.16% 54,084 $8.4M Add +1.3%
MRK Merck & Co. Inc. 1.11% 94,940 $8.0M Add +2.4%
MDT Medtronic PLC 1.09% 82,142 $7.9M Add +1.8%
SBUX Starbucks Corp. 1.07% 91,481 $7.7M Add +1.9%
HAS Hasbro Inc. 1.04% 98,960 $7.5M Add +1.2%
AGX Argan Inc. 1.01% 27,080 $7.3M Reduce -11.2%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 1.01% 71,216 $7.3M Add +2.5%
SAP Sap SE-Sponsored ADR 1.01% 27,222 $7.3M Reduce -0.0%
KEYS Keysight Technologies Inc. 0.96% 39,844 $7.0M Add +0.4%
MKC McCormick & Co.-Non VTG SHRS 0.95% 102,380 $6.9M Add +2.2%
GIS General Mills Inc. 0.94% 134,783 $6.8M Add +2.5%
STT State Street Corp. 0.89% 55,527 $6.4M Add +0.2%
NVS Novartis AG-Sponsored ADR 0.88% 49,561 $6.4M Add +1.1%
FFIV F5 Inc. 0.84% 18,739 $6.1M Add +1.3%
BDX Becton Dickinson and Co. 0.84% 32,324 $6.1M Add +3.1%
USLM United States Lime & Mineral 0.81% 44,533 $5.9M Reduce -22.5%
RY Royal Bank of Canada 0.81% 39,711 $5.9M Add +1.0%
CW Curtiss-Wright Corp. 0.79% 10,523 $5.7M Reduce -11.5%
KO The Coca-Cola Co. 0.76% 82,489 $5.5M Add +0.3%
ODC Oil-Dri Corp. of America 0.74% 87,671 $5.4M Reduce -7.7%
IDCC Interdigital Inc. 0.70% 14,757 $5.1M Add +1.5%
UTHR United Therapeutics Corp. 0.70% 12,084 $5.1M Add +1.8%
VEEV Veeva Systems Inc. Class A 0.68% 16,602 $4.9M Add +1.0%
RJF Raymond James Financial Inc. 0.67% 28,263 $4.9M Reduce -12.9%
REGN Regeneron Pharmaceuticals 0.66% 8,431 $4.7M Add +1.4%
PEP Pepsico Inc. 0.64% 33,147 $4.7M Add +0.4%
BMY Bristol-Myers Squibb Co. 0.64% 103,213 $4.7M Add +2.1%
TM Toyota Motor Corp. -Spon ADR 0.64% 24,088 $4.6M Add +1.4%
TDY Teledyne Technologies Inc. 0.61% 7,551 $4.4M Reduce -0.5%
FDX FedEx Corp. 0.58% 17,821 $4.2M Add +1.0%
SHEL Shell PLC-ADR 0.57% 57,331 $4.1M Add +1.0%
ESLT Elbit Systems Ltd. 0.55% 7,869 $4.0M Add +1.3%
PAHC Phibro Animal Health Corp. Class A 0.55% 98,975 $4.0M Add +2.4%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.55% 61,388 $4.0M Add +2.2%
CACI Caci International Inc. Class A 0.55% 7,915 $3.9M Reduce -2.7%
SNA Snap-on Inc. 0.54% 11,197 $3.9M Add +0.3%
BCPC Balchem Corp. 0.53% 25,677 $3.9M Reduce -0.8%
PSX Phillips 66 0.53% 28,205 $3.8M Add +1.0%
TD Toronto-Dominion Bank 0.51% 46,416 $3.7M Add +1.2%
BMI Badger Meter Inc. 0.50% 20,090 $3.6M Reduce -9.5%
GOOG Alphabet Inc. Class C 0.50% 14,705 $3.6M Reduce -0.6%
SR Spire Inc. 0.49% 42,693 $3.5M Add +4.9%
SNY Sanofi-ADR 0.48% 72,832 $3.4M Add +2.5%
DXCM Dexcom Inc. 0.45% 48,847 $3.3M Add +3.3%
HBAN Huntington Bancshares Inc. 0.45% 188,572 $3.3M Add +1.5%
DLB Dolby Laboratories Inc. Class A 0.45% 44,943 $3.3M Add +2.0%
WBS Webster Financial Corp. 0.45% 54,465 $3.2M Add +2.7%
MORN Morningstar Inc. 0.45% 13,902 $3.2M Add +0.3%
SYNA Synaptics Inc. 0.44% 46,585 $3.2M Add +6.3%
KE Kimball Electronics Inc. 0.44% 106,198 $3.2M Add +5.6%
MASI Masimo Corp. 0.43% 21,180 $3.1M Add +4.7%
LSTR Landstar System Inc. 0.41% 24,324 $3.0M Add +0.4%
CRUS Cirrus Logic Inc. 0.41% 23,660 $3.0M Add +1.1%
NVO Novo-Nordisk A/S-Spons ADR 0.39% 50,628 $2.8M Add +2.1%
TTE Totalenergies SE -Spon ADR 0.38% 44,748 $2.7M Add +1.8%
BSAC Banco Santander-Chile-ADR 0.37% 102,098 $2.7M Add +2.1%
DD Dupont DE Nemours Inc. 0.37% 34,460 $2.7M Add +1.5%
GSK GSK PLC-Spon ADR 0.37% 61,493 $2.7M Add +2.2%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.36% 17,258 $2.6M Add +0.6%
FNB FNB Corp. 0.36% 159,465 $2.6M Add +13.4%
GGG Graco Inc. 0.34% 29,362 $2.5M Reduce -2.6%
OZK Bank Ozk 0.34% 48,702 $2.5M Add +1.1%
UL Unilever PLC 0.34% 41,766 $2.5M Add +2.1%
VC Visteon Corp. 0.33% 20,000 $2.4M Add +0.0%
LNN Lindsay Corp. 0.33% 17,002 $2.4M Add +2.5%
UNB Union Bankshares Inc. 0.33% 96,203 $2.4M Add +13.8%
PLPC Preformed Line Products Co. 0.33% 12,074 $2.4M Add +6.2%
CFR Cullen/Frost Bankers Inc. 0.32% 18,036 $2.3M Add +1.2%
SAM Boston Beer Company Inc. Class A 0.31% 10,746 $2.3M Add +12.8%
GNTX Gentex Corp. 0.29% 73,667 $2.1M Add +11.2%
UPS United Parcel Service Class B 0.29% 24,799 $2.1M Add +2.5%
NXPI NXP Semiconductors NV 0.27% 8,416 $1.9M Add +1.3%
JAZZ Jazz Pharmaceuticals PLC 0.26% 14,472 $1.9M Add +3.4%
MHK Mohawk Industries Inc. 0.25% 14,244 $1.8M Add +3.8%
CTVA Corteva Inc. 0.25% 27,024 $1.8M Add +0.3%
HUBG Hub Group Inc. Class A 0.25% 51,916 $1.8M Add +4.9%
CHKP Check Point Software Tech 0.25% 8,583 $1.8M Add +3.3%
WLY Wiley (john) & Sons Class A 0.24% 43,758 $1.8M Add +12.5%
SEE Sealed Air Corp. 0.24% 50,074 $1.8M Add +7.2%
CRL Charles River Laboratories 0.23% 10,866 $1.7M Reduce -0.0%
LZB La-Z-Boy Inc. 0.23% 47,997 $1.6M Add +4.5%
IIIN Insteel Industries Inc. 0.22% 42,405 $1.6M Add +8.9%
WOR Worthington Enterprises Inc. 0.22% 28,681 $1.6M Add +5.5%
OLED Universal Display Corp. 0.22% 10,919 $1.6M Add +4.7%
UTMD Utah Medical Products Inc. 0.21% 24,377 $1.5M Add +7.0%
TMP Tompkins Financial Corp. 0.21% 23,091 $1.5M Add +19.4%
ALRM Alarm.com Holdings Inc. 0.21% 28,388 $1.5M Add +10.4%
ALC Alcon Inc. filed as ALCON AG 0.21% 20,072 $1.5M Add +4.3%
MIDD Middleby Corp. 0.20% 10,731 $1.4M Add +6.5%
OFLX Omega Flex Inc. 0.18% 41,802 $1.3M Add +7.5%
ENS Enersys 0.18% 11,605 $1.3M New
HALO Halozyme Therapeutics Inc. 0.18% 17,768 $1.3M New
NVEC Nve Corp. 0.16% 17,500 $1.1M Add +11.6%
HSIC Henry Schein Inc. 0.15% 16,395 $1.1M Add +8.0%
HAE Haemonetics Corp. 0.15% 22,121 $1.1M Add +8.1%
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 0.15% 32,462 $1.1M New
IT Gartner Inc. 0.15% 4,095 $1.1M Add +8.7%
AMCR Amcor PLC 0.14% 126,653 $1.0M Add +892.0%
IGSB iShares 1-5Y Inv Grade Corp. 0.11% 15,340 $813K No change
WS Worthington Steel Inc. 0.08% 19,854 $603K Add +20.3%
HLN Haleon PLC-ADR 0.06% 48,085 $431K Add +2.4%
SPY SS SPDR S&P 500 ETF Trust-US 0.05% 543 $363K Reduce -1.8%
INTC Intel Corp. 0.04% 8,692 $292K Reduce -25.5%
TSM Taiwan Semiconductor-SP ADR 0.04% 1,023 $287K New

Portfolio Sells Q2 2025 → Q3 2025
COST Costco Wholesale Corp. Reduce -0.8% 2.68% −0.39
DE Deere & Co. Reduce -0.1% 1.78% −0.32
BMI Badger Meter Inc. Reduce -9.5% 0.50% −0.30
RHI Robert Half Inc. Sold out 0.00% −0.24
SAP Sap SE-Sponsored ADR Reduce -0.0% 1.01% −0.21
MSFT Microsoft Corp. Reduce -1.7% 3.59% −0.13
EMR Emerson Electric Co. Reduce -0.1% 1.61% −0.13
ODC Oil-Dri Corp. of America Reduce -7.7% 0.74% −0.08
BCPC Balchem Corp. Reduce -0.8% 0.53% −0.07
CW Curtiss-Wright Corp. Reduce -11.5% 0.79% −0.06
RJF Raymond James Financial Inc. Reduce -12.9% 0.67% −0.06
WMT Walmart Inc. Reduce -0.9% 2.24% −0.04
GGG Graco Inc. Reduce -2.6% 0.34% −0.04
USLM United States Lime & Mineral Reduce -22.5% 0.81% −0.03
CACI Caci International Inc. Class A Reduce -2.7% 0.55% −0.02
CRL Charles River Laboratories Reduce -0.0% 0.23% −0.01
SPY SS SPDR S&P 500 ETF Trust-US Reduce -1.8% 0.05% −0.00
INTC Intel Corp. Reduce -25.5% 0.04% +0.00
AGX Argan Inc. Reduce -11.2% 1.01% +0.02
JPM JPMorgan Chase & Co. Reduce -1.1% 2.58% +0.03
TDY Teledyne Technologies Inc. Reduce -0.5% 0.61% +0.04
GOOG Alphabet Inc. Class C Reduce -0.6% 0.50% +0.11
IDXX Idexx Laboratories Inc. Reduce -0.6% 1.25% +0.13
CMI Cummins Inc. Reduce -0.1% 1.25% +0.22
BNY Bank of New York Mellon Corp. Reduce -0.7% 2.11% +0.22
AAPL Apple Inc. Reduce -0.1% 3.08% +0.44
GOOGL Alphabet Inc. Class A Reduce -1.7% 2.24% +0.49

Portfolio Buys Q2 2025 → Q3 2025
JNJ Johnson & Johnson Add +0.3% 3.01% +0.38
IDCC Interdigital Inc. Add +1.5% 0.70% +0.23
UTHR United Therapeutics Corp. Add +1.8% 0.70% +0.20
PAHC Phibro Animal Health Corp. Class A Add +2.4% 0.55% +0.19
ENS Enersys New 0.18% +0.18
HALO Halozyme Therapeutics Inc. New 0.18% +0.18
KE Kimball Electronics Inc. Add +5.6% 0.44% +0.15
YETI Yeti Holdings Inc. New 0.15% +0.15
AMCR Amcor PLC Add +892.0% 0.14% +0.13
LOW Lowe's Cos Inc. Add +0.2% 1.67% +0.11
GNTX Gentex Corp. Add +11.2% 0.29% +0.07
BNS Bank of Nova Scotia Add +2.2% 0.55% +0.06
PLPC Preformed Line Products Co. Add +6.2% 0.33% +0.06
VC Visteon Corp. Add +0.0% 0.33% +0.06
A Agilent Technologies Inc. Add +1.7% 1.33% +0.06
FNB FNB Corp. Add +13.4% 0.36% +0.05
CRUS Cirrus Logic Inc. Add +1.1% 0.41% +0.05
LH Labcorp Holdings Inc. Add +0.5% 1.51% +0.05
RY Royal Bank of Canada Add +1.0% 0.81% +0.05
MDT Medtronic PLC Add +1.8% 1.09% +0.05
SAM Boston Beer Company Inc. Class A Add +12.8% 0.31% +0.05
JAZZ Jazz Pharmaceuticals PLC Add +3.4% 0.26% +0.05
NFG National Fuel Gas Co. Add +1.0% 1.28% +0.05
SR Spire Inc. Add +4.9% 0.49% +0.04
BDX Becton Dickinson and Co. Add +3.1% 0.84% +0.04
MHK Mohawk Industries Inc. Add +3.8% 0.25% +0.04
PSX Phillips 66 Add +1.0% 0.53% +0.04
ESLT Elbit Systems Ltd. Add +1.3% 0.55% +0.04
TSM Taiwan Semiconductor-SP ADR New 0.04% +0.04
FFIV F5 Inc. Add +1.3% 0.84% +0.04
TM Toyota Motor Corp. -Spon ADR Add +1.4% 0.64% +0.04
TMP Tompkins Financial Corp. Add +19.4% 0.21% +0.03
SEE Sealed Air Corp. Add +7.2% 0.24% +0.03
DD Dupont DE Nemours Inc. Add +1.5% 0.37% +0.03
GSK GSK PLC-Spon ADR Add +2.2% 0.37% +0.03
TROW T Rowe Price Group Inc. Add +2.5% 1.01% +0.03
SNA Snap-on Inc. Add +0.3% 0.54% +0.03
STT State Street Corp. Add +0.2% 0.89% +0.03
MRK Merck & Co. Inc. Add +2.4% 1.11% +0.02
SYNA Synaptics Inc. Add +6.3% 0.44% +0.02
WBS Webster Financial Corp. Add +2.7% 0.45% +0.02
UTMD Utah Medical Products Inc. Add +7.0% 0.21% +0.02
TD Toronto-Dominion Bank Add +1.2% 0.51% +0.02
REGN Regeneron Pharmaceuticals Add +1.4% 0.66% +0.01
TFC Truist Financial Corp. Add +0.8% 1.31% +0.01
IIIN Insteel Industries Inc. Add +8.9% 0.22% +0.01
WS Worthington Steel Inc. Add +20.3% 0.08% +0.01
OZK Bank Ozk Add +1.1% 0.34% +0.01
KEYS Keysight Technologies Inc. Add +0.4% 0.96% +0.01
NVS Novartis AG-Sponsored ADR Add +1.1% 0.88% +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