Cardinal Capital Management

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 30, 2026), Cardinal Capital Management reported 133 stock positions worth $755.0 million. Its top holding was Eli Lilly (LLY) at 3.9% of the portfolio, followed by Johnson & Johnson (JNJ, 3.2%) and Microsoft (MSFT, 3.2%). Compared with Q3 2025, it opened 3 new positions, sold out of 2, added to 95 and reduced 33. The biggest buy was a new position in Pfizer (PFE) and the biggest sale Microsoft (MSFT, shares −1%).

Most Recent 13F
Q2 2026
Location
RALEIGH, NC
CIK
0001434845
Portfolio Value
$755.0M (Q4 2025)
SEC Filing
0001434845-26-000002 ↗ filed Jan 30, 2026

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 Q3 2025 Q4 2025: $755.0M $755.0M Q4 2025 Q1 2026: $775.6M Q1 2026 Q2 2026: $826.3M Q2 2026

Holdings 133 stocks · $755.0M
LLY Eli Lilly & Co. 3.90% 27,394 $29.4M Reduce -2.2%
JNJ Johnson & Johnson 3.21% 117,110 $24.2M Reduce -0.1%
MSFT Microsoft Corp. 3.18% 49,591 $24.0M Reduce -1.2%
AAPL Apple Inc. 3.14% 87,178 $23.7M Reduce -0.5%
GOOGL Alphabet Inc. Class A 2.72% 65,706 $20.6M Reduce -1.4%
JPM JPMorgan Chase & Co. 2.53% 59,174 $19.1M Add +0.0%
COST Costco Wholesale Corp. 2.38% 20,828 $18.0M Reduce -0.4%
WMT Walmart Inc. 2.31% 156,224 $17.4M Reduce -0.5%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 2.14% 139,147 $16.2M Reduce -0.9%
XOM Exxon Mobil Corp. 1.84% 115,684 $13.9M Add +0.4%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.73% 44,165 $13.1M Reduce -0.4%
DE Deere & Co. 1.73% 27,974 $13.1M Reduce -0.3%
CSCO Cisco Systems Inc. 1.60% 157,011 $12.1M Add +0.1%
EMR Emerson Electric Co. 1.57% 89,171 $11.8M Add +0.3%
QCOM Qualcomm Inc. 1.56% 68,689 $11.7M Add +0.4%
LOW Lowe's Cos Inc. 1.53% 47,923 $11.6M Reduce -0.5%
ECL Ecolab Inc. 1.50% 42,993 $11.3M Add +0.3%
ADP Automatic Data Processing 1.48% 43,262 $11.2M Add +0.5%
CMI Cummins Inc. 1.45% 21,455 $11.0M Reduce -0.1%
ITW Illinois Tool Works 1.42% 43,352 $10.7M Add +0.9%
TFC Truist Financial Corp. 1.36% 208,295 $10.3M Add +0.7%
A Agilent Technologies Inc. 1.35% 75,091 $10.2M Add +0.4%
MRK Merck & Co. Inc. 1.35% 96,293 $10.2M Add +1.4%
LH Labcorp Holdings Inc. 1.28% 38,401 $9.6M Add +1.0%
IDXX Idexx Laboratories Inc. 1.26% 14,116 $9.5M Reduce -0.4%
MMM 3M Co. 1.16% 54,520 $8.7M Add +0.8%
COP Conocophillips 1.13% 91,413 $8.6M Add +1.6%
AGX Argan Inc. 1.12% 26,942 $8.4M Reduce -0.5%
PG The Procter & Gamble Co. 1.11% 58,268 $8.4M Add +1.4%
HAS Hasbro Inc. 1.08% 99,879 $8.2M Add +0.9%
KEYS Keysight Technologies Inc. 1.08% 40,066 $8.1M Add +0.6%
NFG National Fuel Gas Co. 1.07% 100,376 $8.1M Add +0.6%
MDT Medtronic PLC 1.06% 82,885 $8.0M Add +0.9%
SBUX Starbucks Corp. 1.03% 92,602 $7.8M Add +1.2%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.96% 71,072 $7.3M Reduce -0.2%
STT State Street Corp. 0.95% 55,482 $7.2M Reduce -0.1%
MKC McCormick & Co.-Non VTG SHRS 0.94% 102,971 $7.1M Add +0.6%
NVS Novartis AG-Sponsored ADR 0.91% 49,665 $6.8M Add +0.2%
RY Royal Bank of Canada 0.90% 39,742 $6.8M Add +0.1%
SAP Sap SE-Sponsored ADR 0.88% 27,230 $6.6M Add +0.0%
REGN Regeneron Pharmaceuticals 0.86% 8,406 $6.5M Reduce -0.3%
BDX Becton Dickinson and Co. 0.84% 32,642 $6.3M Add +1.0%
GIS General Mills Inc. 0.81% 131,701 $6.1M Reduce -2.3%
UTHR United Therapeutics Corp. 0.78% 12,096 $5.9M Add +0.1%
KO The Coca-Cola Co. 0.77% 83,314 $5.8M Add +1.0%
CW Curtiss-Wright Corp. 0.77% 10,509 $5.8M Reduce -0.1%
BMY Bristol-Myers Squibb Co. 0.74% 104,288 $5.6M Add +1.0%
USLM United States Lime & Mineral 0.71% 44,513 $5.3M Reduce -0.0%
FDX FedEx Corp. 0.70% 18,165 $5.3M Add +1.9%
TM Toyota Motor Corp. -Spon ADR 0.69% 24,171 $5.2M Add +0.3%
FFIV F5 Inc. 0.65% 19,104 $4.9M Add +1.9%
PEP Pepsico Inc. 0.64% 33,253 $4.8M Add +0.3%
IDCC Interdigital Inc. 0.62% 14,732 $4.7M Reduce -0.2%
ESLT Elbit Systems Ltd. 0.60% 7,889 $4.6M Add +0.3%
RJF Raymond James Financial Inc. 0.60% 28,372 $4.6M Add +0.4%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.60% 61,711 $4.5M Add +0.5%
GOOG Alphabet Inc. Class C 0.60% 14,337 $4.5M Reduce -2.5%
TD Toronto-Dominion Bank 0.58% 46,500 $4.4M Add +0.2%
ODC Oil-Dri Corp. of America 0.57% 87,950 $4.3M Add +0.3%
SHEL Shell PLC-ADR 0.56% 57,474 $4.2M Add +0.3%
CACI Caci International Inc. Class A 0.56% 7,917 $4.2M Add +0.0%
BCPC Balchem Corp. 0.53% 25,949 $4.0M Add +1.1%
TDY Teledyne Technologies Inc. 0.51% 7,601 $3.9M Add +0.7%
SNA Snap-on Inc. 0.51% 11,254 $3.9M Add +0.5%
VEEV Veeva Systems Inc. Class A 0.50% 16,916 $3.8M Add +1.9%
DXCM Dexcom Inc. 0.49% 56,063 $3.7M Add +14.8%
PAHC Phibro Animal Health Corp. Class A 0.49% 99,152 $3.7M Add +0.2%
PSX Phillips 66 0.49% 28,473 $3.7M Add +0.9%
SR Spire Inc. 0.48% 42,985 $3.6M Add +0.7%
SNY Sanofi-ADR 0.47% 73,674 $3.6M Add +1.2%
LSTR Landstar System Inc. 0.47% 24,732 $3.6M Add +1.7%
BMI Badger Meter Inc. 0.47% 20,165 $3.5M Add +0.4%
SYNA Synaptics Inc. 0.46% 46,981 $3.5M Add +0.8%
WBS Webster Financial Corp. 0.46% 54,936 $3.5M Add +0.9%
HBAN Huntington Bancshares Inc. 0.44% 189,895 $3.3M Add +0.7%
BSAC Banco Santander-Chile-ADR 0.42% 102,880 $3.2M Add +0.8%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.42% 17,531 $3.2M Add +1.6%
GSK GSK PLC-Spon ADR 0.40% 61,744 $3.1M Add +0.4%
PFE Pfizer Inc. 0.40% 120,229 $3.0M New
KE Kimball Electronics Inc. 0.39% 106,570 $3.0M Add +0.3%
TTE Totalenergies SE 0.39% 45,106 $3.0M Add +0.8%
DLB Dolby Laboratories Inc. Class A 0.39% 45,658 $2.9M Add +1.6%
MORN Morningstar Inc. 0.38% 13,043 $2.8M Reduce -6.2%
CRUS Cirrus Logic Inc. 0.37% 23,790 $2.8M Add +0.6%
MASI Masimo Corp. 0.37% 21,462 $2.8M Add +1.3%
UPS United Parcel Service Class B 0.34% 25,508 $2.5M Add +2.9%
FNB FNB Corp. 0.33% 147,700 $2.5M Reduce -7.4%
PLPC Preformed Line Products Co. 0.33% 12,104 $2.5M Add +0.3%
JAZZ Jazz Pharmaceuticals PLC 0.33% 14,538 $2.5M Add +0.5%
UL Unilever PLC-Sponsored ADR 0.32% 37,166 $2.4M Add +0.1%
GGG Graco Inc. 0.32% 29,539 $2.4M Add +0.6%
NVO Novo-Nordisk A/S-Spons ADR 0.31% 45,310 $2.3M Reduce -10.5%
CFR Cullen/Frost Bankers Inc. 0.30% 18,134 $2.3M Add +0.5%
UNB Union Bankshares Inc. 0.30% 95,733 $2.3M Reduce -0.5%
OZK Bank Ozk 0.30% 48,979 $2.3M Add +0.6%
HUBG Hub Group Inc. Class A 0.30% 52,438 $2.2M Add +1.0%
CRL Charles River Laboratories 0.29% 10,928 $2.2M Add +0.6%
SEE Sealed Air Corp. 0.28% 50,659 $2.1M Add +1.2%
LNN Lindsay Corp. 0.27% 17,258 $2.0M Add +1.5%
VC Visteon Corp. 0.26% 20,263 $1.9M Add +1.3%
SAM Boston Beer Company Inc. Class A 0.25% 9,551 $1.9M Reduce -11.1%
NXPI NXP Semiconductors NV 0.24% 8,446 $1.8M Add +0.4%
CTVA Corteva Inc. 0.24% 27,102 $1.8M Add +0.3%
LZB La-Z-Boy Inc. 0.24% 48,579 $1.8M Add +1.2%
HAE Haemonetics Corp. 0.24% 22,442 $1.8M Add +1.4%
GNTX Gentex Corp. 0.23% 75,050 $1.7M Add +1.9%
ENS Enersys 0.23% 11,710 $1.7M Add +0.9%
TMP Tompkins Financial Corp. 0.22% 23,419 $1.7M Add +1.4%
MIDD Middleby Corp. 0.22% 10,936 $1.6M Add +1.9%
ALC Alcon Inc. filed as ALCON AG 0.21% 20,353 $1.6M Add +1.4%
CHKP Check Point Software Tech 0.21% 8,632 $1.6M Add +0.6%
MHK Mohawk Industries Inc. 0.21% 14,571 $1.6M Add +2.3%
WOR Worthington Enterprises Inc. 0.20% 29,273 $1.5M Add +2.1%
ALRM Alarm.com Holdings Inc. 0.20% 29,336 $1.5M Add +3.3%
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 0.19% 33,277 $1.5M Add +2.5%
Q Qnity Electronics Inc. 0.19% 17,222 $1.4M No change
WLY Wiley (john) & Sons Class A 0.18% 45,091 $1.4M Add +3.0%
UTMD Utah Medical Products Inc. 0.18% 24,836 $1.4M Add +1.9%
IIIN Insteel Industries Inc. 0.18% 43,469 $1.4M Add +2.5%
AOS Smith (a.o.) Corp. 0.18% 19,923 $1.3M New
OLED Universal Display Corp. 0.17% 11,205 $1.3M Add +2.6%
OFLX Omega Flex Inc. 0.17% 42,716 $1.3M Add +2.2%
HALO Halozyme Therapeutics Inc. 0.17% 18,689 $1.3M Add +5.2%
HSIC Henry Schein Inc. 0.14% 13,632 $1.0M Reduce -16.9%
AMZN Amazon.com Inc. 0.13% 4,332 $1000K New
IT Gartner Inc. 0.13% 3,959 $999K Reduce -3.3%
IGSB iShares 1-5Y Inv Grade Corp. 0.10% 14,770 $781K Reduce -3.7%
WS Worthington Steel Inc. 0.09% 20,297 $703K Add +2.2%
HLN Haleon PLC-ADR 0.06% 48,323 $489K Add +0.5%
SPY SS SPDR S&P 500 ETF Trust-US 0.05% 542 $371K Reduce -0.2%
TSM Taiwan Semiconductor-SP ADR 0.04% 1,023 $312K No change
INTC Intel Corp. 0.04% 7,954 $294K Reduce -8.5%
DD Dupont DE Nemours Inc. 0.04% 6,682 $269K Reduce -80.6%

Portfolio Sells Q3 2025 → Q4 2025
MSFT Microsoft Corp. Reduce -1.2% 3.18% −0.42
DD Dupont DE Nemours Inc. Reduce -80.6% 0.04% −0.34
COST Costco Wholesale Corp. Reduce -0.4% 2.38% −0.30
NVEC Nve Corp. Sold out 0.00% −0.16
AMCR Amcor PLC Sold out 0.00% −0.14
LOW Lowe's Cos Inc. Reduce -0.5% 1.53% −0.14
GIS General Mills Inc. Reduce -2.3% 0.81% −0.13
USLM United States Lime & Mineral Reduce -0.0% 0.71% −0.10
IDCC Interdigital Inc. Reduce -0.2% 0.62% −0.08
NVO Novo-Nordisk A/S-Spons ADR Reduce -10.5% 0.31% −0.08
MORN Morningstar Inc. Reduce -6.2% 0.38% −0.07
SAM Boston Beer Company Inc. Class A Reduce -11.1% 0.25% −0.07
DE Deere & Co. Reduce -0.3% 1.73% −0.05
TROW T Rowe Price Group Inc. Reduce -0.2% 0.96% −0.05
UNB Union Bankshares Inc. Reduce -0.5% 0.30% −0.03
CW Curtiss-Wright Corp. Reduce -0.1% 0.77% −0.02
FNB FNB Corp. Reduce -7.4% 0.33% −0.02
IT Gartner Inc. Reduce -3.3% 0.13% −0.02
HSIC Henry Schein Inc. Reduce -16.9% 0.14% −0.01
IGSB iShares 1-5Y Inv Grade Corp. Reduce -3.7% 0.10% −0.01
INTC Intel Corp. Reduce -8.5% 0.04% −0.00
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.2% 0.05% −0.00
IBM Intl Business Machines Corp. Reduce -0.4% 1.73% +0.00
IDXX Idexx Laboratories Inc. Reduce -0.4% 1.26% +0.01
BNY Bank of New York Mellon Corp. Reduce -0.9% 2.14% +0.03
AAPL Apple Inc. Reduce -0.5% 3.14% +0.06
STT State Street Corp. Reduce -0.1% 0.95% +0.06
WMT Walmart Inc. Reduce -0.5% 2.31% +0.07
GOOG Alphabet Inc. Class C Reduce -2.5% 0.60% +0.10
AGX Argan Inc. Reduce -0.5% 1.12% +0.11
CMI Cummins Inc. Reduce -0.1% 1.45% +0.20
REGN Regeneron Pharmaceuticals Reduce -0.3% 0.86% +0.20
JNJ Johnson & Johnson Reduce -0.1% 3.21% +0.20
GOOGL Alphabet Inc. Class A Reduce -1.4% 2.72% +0.48
LLY Eli Lilly & Co. Reduce -2.2% 3.90% +0.95

Portfolio Buys Q3 2025 → Q4 2025
PFE Pfizer Inc. New 0.40% +0.40
MRK Merck & Co. Inc. Add +1.4% 1.35% +0.24
AOS Smith (a.o.) Corp. New 0.18% +0.18
AMZN Amazon.com Inc. New 0.13% +0.13
CSCO Cisco Systems Inc. Add +0.1% 1.60% +0.12
KEYS Keysight Technologies Inc. Add +0.6% 1.08% +0.11
FDX FedEx Corp. Add +1.9% 0.70% +0.11
BMY Bristol-Myers Squibb Co. Add +1.0% 0.74% +0.10
HAE Haemonetics Corp. Add +1.4% 0.24% +0.09
RY Royal Bank of Canada Add +0.1% 0.90% +0.09
UTHR United Therapeutics Corp. Add +0.1% 0.78% +0.08
JKHY Jack Henry & Associates Inc. Add +1.6% 0.42% +0.07
TD Toronto-Dominion Bank Add +0.2% 0.58% +0.07
JAZZ Jazz Pharmaceuticals PLC Add +0.5% 0.33% +0.06
LSTR Landstar System Inc. Add +1.7% 0.47% +0.06
BNS Bank of Nova Scotia Add +0.5% 0.60% +0.05
CRL Charles River Laboratories Add +0.6% 0.29% +0.05
BSAC Banco Santander-Chile-ADR Add +0.8% 0.42% +0.05
TFC Truist Financial Corp. Add +0.7% 1.36% +0.05
ESLT Elbit Systems Ltd. Add +0.3% 0.60% +0.05
TM Toyota Motor Corp. -Spon ADR Add +0.3% 0.69% +0.05
HUBG Hub Group Inc. Class A Add +1.0% 0.30% +0.05
UPS United Parcel Service Class B Add +2.9% 0.34% +0.05
XOM Exxon Mobil Corp. Add +0.4% 1.84% +0.05
HAS Hasbro Inc. Add +0.9% 1.08% +0.05
ENS Enersys Add +0.9% 0.23% +0.05
YETI Yeti Holdings Inc. Add +2.5% 0.19% +0.05
DXCM Dexcom Inc. Add +14.8% 0.49% +0.04
GSK GSK PLC-Spon ADR Add +0.4% 0.40% +0.03
SEE Sealed Air Corp. Add +1.2% 0.28% +0.03
NVS Novartis AG-Sponsored ADR Add +0.2% 0.91% +0.03
A Agilent Technologies Inc. Add +0.4% 1.35% +0.02
SYNA Synaptics Inc. Add +0.8% 0.46% +0.02
MIDD Middleby Corp. Add +1.9% 0.22% +0.02
TTE Totalenergies SE Add +0.8% 0.39% +0.02
TMP Tompkins Financial Corp. Add +1.4% 0.22% +0.01
CACI Caci International Inc. Class A Add +0.0% 0.56% +0.01
LZB La-Z-Boy Inc. Add +1.2% 0.24% +0.01
WBS Webster Financial Corp. Add +0.9% 0.46% +0.01
WS Worthington Steel Inc. Add +2.2% 0.09% +0.01
KO The Coca-Cola Co. Add +1.0% 0.77% +0.01
ALC Alcon Inc. Add +1.4% 0.21% +0.01
HLN Haleon PLC-ADR Add +0.5% 0.06% +0.01
PLPC Preformed Line Products Co. Add +0.3% 0.33% +0.00
BDX Becton Dickinson and Co. Add +1.0% 0.84% +0.00
BCPC Balchem Corp. Add +1.1% 0.53% −0.00
SNY Sanofi-ADR Add +1.2% 0.47% −0.00
MMM 3M Co. Add +0.8% 1.16% −0.00
PEP Pepsico Inc. Add +0.3% 0.64% −0.01
SHEL Shell PLC-ADR Add +0.3% 0.56% −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