Monarch Capital Management Inc.

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 25, 2024), Monarch Capital Management Inc. reported 116 stock positions worth $354.3 million. Its top holding was Microsoft (MSFT) at 6.1% of the portfolio, followed by Merck (MRK, 4.4%) and Home Depot (HD, 3.7%). Compared with Q4 2023, it opened 4 new positions, added to 26 and reduced 60. The biggest buy was Target (TGT, shares +1%) and the biggest sale Apple (AAPL, shares −0%).

Most Recent 13F
Q2 2026
Location
FORT WAYNE, IN
CIK
0000938759
Portfolio Value
$354.3M (Q1 2024)
SEC Filing
0000938759-24-000002 ↗ filed Apr 25, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $354.3M $354.3M Q1 2024 Q2 2024: $340.3M Q2 2024 Q3 2024: $371.4M Q3 2024 Q4 2024: $365.1M Q4 2024 Q1 2025: $359.8M Q1 2025 Q2 2025: $372.5M Q2 2025 Q3 2025: $407.9M Q3 2025 Q4 2025: $406.8M Q4 2025 Q1 2026: $408.6M Q1 2026 Q2 2026: $436.2M Q2 2026

Holdings 116 stocks · $354.3M
MSFT Microsoft Corp. 6.10% 51,412 $21.6M Reduce -0.3%
MRK Merck & Co. Inc. 4.41% 118,035 $15.6M Reduce -0.6%
HD Home Depot Inc. 3.69% 34,123 $13.1M Reduce -0.8%
AAPL Apple Inc. 3.24% 66,966 $11.5M Reduce -0.1%
MCD McDonald's Corp. 3.21% 40,279 $11.4M Reduce -0.2%
FELE Franklin Electric Co. Inc. 3.15% 104,632 $11.2M Reduce -0.9%
LKFN Lakeland Financial Corp. 3.01% 160,620 $10.7M Reduce -1.8%
ABBV Abbvie Inc. 2.74% 53,330 $9.7M Reduce -1.7%
ADP Automatic Data Processing 2.68% 37,863 $9.5M Reduce -2.1%
WMT Walmart Inc. 2.64% 154,844 $9.3M Reduce -2.1%
JNJ Johnson & Johnson 2.38% 53,281 $8.4M Reduce -0.3%
KR Kroger Co. 2.37% 146,684 $8.4M Reduce -0.6%
PG The Procter & Gamble Co. 2.20% 48,083 $7.8M Reduce -0.8%
EMR Emerson Electric Co. 2.16% 67,384 $7.6M Reduce -2.4%
CSCO Cisco Systems Inc. 2.01% 142,830 $7.1M Add +0.7%
PWR Quanta Services Inc. 2.01% 27,367 $7.1M Reduce -2.4%
KO The Coca-Cola Co. 1.90% 109,423 $6.7M Reduce -0.6%
ABT Abbott Laboratories 1.80% 56,147 $6.4M Reduce -0.5%
ACN Accenture PLC Class A 1.75% 17,854 $6.2M Reduce -1.3%
SYK Stryker Corp. 1.74% 17,142 $6.1M Reduce -1.0%
XOM Exxon Mobil Corp. 1.71% 52,194 $6.1M Reduce -0.8%
GOOG Alphabet Inc. Class C 1.70% 39,664 $6.0M Add +1.0%
USB US Bancorp 1.67% 131,231 $5.9M Add +0.2%
JPM JPMorgan Chase & Co. 1.62% 28,736 $5.8M Reduce -0.9%
MDT Medtronic PLC 1.59% 64,216 $5.6M Add +0.1%
AFL Aflac Inc. 1.56% 64,284 $5.5M Reduce -0.1%
SYY Sysco Corp. 1.42% 61,887 $5.0M Reduce -1.8%
FISV Fiserv Inc. 1.38% 30,564 $4.9M Reduce -0.3%
STLD Steel Dynamics Inc. 1.31% 31,261 $4.6M Reduce -3.3%
ZBH Zimmer Biomet Holdings Inc. 1.29% 34,636 $4.6M Reduce -0.1%
GPC Genuine Parts Co. 1.24% 28,141 $4.4M Add +0.5%
INTC Intel Corp. 1.11% 88,994 $3.9M Add +0.5%
NEE Nextera Energy Inc. 1.05% 58,242 $3.7M Reduce -0.1%
CINF Cincinnati Financial Corp. 1.02% 28,996 $3.6M Reduce -0.3%
GILD Gilead Sciences Inc. 1.01% 48,894 $3.6M Reduce -0.7%
MMM 3M Co. 0.99% 33,209 $3.5M Reduce -0.3%
FFIV F5 Inc. 0.87% 16,259 $3.1M Reduce -0.5%
UPS United Parcel Service Class B 0.86% 20,564 $3.1M Add +10.2%
PFE Pfizer Inc. 0.85% 108,226 $3.0M Reduce -0.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.77% 22,306 $2.7M No change
VTIP Vanguard Short-Term Tips 0.76% 55,997 $2.7M Add +1.1%
FLS Flowserve Corp. 0.72% 56,086 $2.6M Reduce -1.3%
TGT Target Corp. 0.71% 14,112 $2.5M Add +0.7%
BRK.B Berkshire Hathaway Inc. Class B 0.69% 5,818 $2.4M Reduce -1.9%
WBA Walgreens Boots Alliance Inc. 0.68% 110,875 $2.4M Reduce -3.7%
VWO Vanguard Ftse Emerging Marke 0.67% 56,743 $2.4M Reduce -3.0%
CVX Chevron Corp. 0.65% 14,552 $2.3M Add +0.3%
CARR Carrier Global Corp. 0.65% 39,374 $2.3M Reduce -2.3%
GE General Electric 0.54% 10,961 $1.9M Reduce -2.9%
GOOGL Alphabet Inc. Class A 0.52% 12,245 $1.8M Add +3.5%
CB Chubb Ltd. 0.51% 6,999 $1.8M Reduce -1.7%
RTX RTX Corp. 0.47% 17,125 $1.7M No change
VZ Verizon Communications Inc. 0.46% 39,222 $1.6M Reduce -0.2%
APD Air Products & Chemicals Inc. 0.44% 6,334 $1.5M Reduce -2.0%
SMG Scotts Miracle-Gro Co. 0.44% 20,683 $1.5M Add +0.7%
AES AES Corp. 0.43% 84,191 $1.5M Add +7.6%
PEP Pepsico Inc. 0.43% 8,556 $1.5M Reduce -3.9%
RCI Rogers Communications Inc. Class B 0.40% 34,333 $1.4M Add +3.3%
BMY Bristol-Myers Squibb Co. 0.38% 25,092 $1.4M Reduce -0.0%
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.38% 1,308 $1.3M Reduce -3.3%
PPL PPL Corp. 0.37% 47,454 $1.3M Reduce -1.0%
OKE Oneok Inc. 0.35% 15,573 $1.2M No change
J Jacobs Solutions Inc. 0.35% 8,000 $1.2M Reduce -8.7%
LIN Linde PLC 0.31% 2,339 $1.1M Add +1.4%
PM Philip Morris International 0.29% 11,234 $1.0M Reduce -1.7%
OTIS Otis Worldwide Corp. 0.29% 10,286 $1.0M Reduce -1.7%
CCRD Corecard Corp. 0.29% 91,825 $1.0M Add +2.7%
ZIMV Zimvie Inc. 0.28% 60,398 $996K Reduce -10.4%
LMT Lockheed Martin Corp. 0.27% 2,096 $957K Add +20.9%
LLY Eli Lilly & Co. 0.25% 1,135 $883K Add +2.1%
BP BP PLC-Spons ADR 0.25% 23,167 $873K Reduce 0.0%
NSC Norfolk Southern Corp. 0.22% 3,070 $782K Add +1.3%
NUE Nucor Corp. 0.22% 3,927 $779K No change
CPRT Copart Inc. 0.21% 12,661 $733K Reduce -0.2%
ADM Archer-Daniels-Midland Co. 0.20% 11,301 $710K Add +6.0%
KMB Kimberly-Clark Corp. 0.19% 5,277 $688K Reduce -0.0%
NTRS Northern Trust Corp. 0.19% 7,657 $687K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.19% 1,267 $665K No change
CL Colgate-Palmolive Co. 0.19% 7,289 $656K No change
COST Costco Wholesale Corp. 0.18% 867 $635K Add +1.1%
BRK.A Berkshire Hathaway Inc. Class A 0.18% 1 $634K No change
PLXS Plexus Corp. 0.17% 6,450 $612K No change
ELV Elevance Health Inc. 0.17% 1,153 $598K Reduce -4.5%
REGN Regeneron Pharmaceuticals 0.16% 584 $562K No change
WFC Wells Fargo & Co. 0.16% 9,555 $554K No change
V Visa Inc. Class A 0.15% 1,932 $539K Add +3.3%
PNC PNC Financial Services Group 0.14% 3,176 $513K No change
SHW The Sherwin-Williams Co. 0.14% 1,456 $506K Reduce -0.3%
CAT Caterpillar Inc. 0.14% 1,317 $483K No change
ITW Illinois Tool Works 0.13% 1,733 $466K Reduce -8.9%
MO Altria Group Inc. 0.13% 10,309 $460K Reduce -1.8%
CNI Canadian Natl Railway Co. 0.13% 3,437 $453K Reduce -1.5%
ORCL Oracle Corp. 0.12% 3,483 $438K No change
VEA Vanguard Ftse Developed ETF 0.12% 8,712 $437K No change
CHKP Check Point Software Tech 0.12% 2,612 $428K Add +1.8%
CTAS Cintas Corp. 0.12% 600 $412K No change
DG Dollar General Corp. 0.11% 2,575 $402K No change
NKE Nike Inc. Class B 0.11% 4,000 $377K No change
AMZN Amazon.com Inc. 0.10% 1,882 $339K Add +40.5%
FRME First Merchants Corp. 0.10% 9,718 $339K No change
T AT&T Inc. 0.09% 18,573 $327K Reduce -5.6%
COP Conocophillips 0.09% 2,488 $317K No change
STZ Constellation Brands Inc. Class A 0.09% 1,111 $302K No change
BKH Black Hills Corp. 0.08% 5,480 $299K No change
TSM Taiwan Semiconductor-SP ADR 0.08% 2,057 $281K Add +4.1%
IWP iShares Russell Mid-Cap Grow 0.07% 2,256 $258K No change
AMAT Applied Materials Inc. 0.07% 1,187 $245K New
EEM iShares MSCI Emerging Market 0.07% 5,773 $237K No change
GEHC GE Healthcare Technology 0.07% 2,608 $237K Reduce -30.9%
MCO Moody's Corp. 0.07% 600 $236K No change
MDLZ Mondelez International Inc. Class A 0.06% 3,175 $223K Add +8.6%
DE Deere & Co. 0.06% 532 $219K New
CRM Salesforce Inc. 0.06% 683 $206K New
VTI VG Morningstar TS MKT ETF-US 0.06% 777 $202K New
AMGN Amgen Inc. 0.06% 710 $202K No change
VRA Vera Bradley Inc. 0.03% 14,766 $100K Reduce -4.3%

Portfolio Sells Q4 2023 → Q1 2024
AAPL Apple Inc. Reduce -0.1% 3.24% −0.67
MCD McDonald's Corp. Reduce -0.2% 3.21% −0.42
WBA Walgreens Boots Alliance Inc. Reduce -3.7% 0.68% −0.23
LKFN Lakeland Financial Corp. Reduce -1.8% 3.01% −0.22
GILD Gilead Sciences Inc. Reduce -0.7% 1.01% −0.20
ACN Accenture PLC Class A Reduce -1.3% 1.75% −0.18
JNJ Johnson & Johnson Reduce -0.3% 2.38% −0.16
MMM 3M Co. Reduce -0.3% 0.99% −0.11
APD Air Products & Chemicals Inc. Reduce -2.0% 0.44% −0.10
PFE Pfizer Inc. Reduce -0.3% 0.85% −0.10
ZIMV Zimvie Inc. Reduce -10.4% 0.28% −0.08
ABT Abbott Laboratories Reduce -0.5% 1.80% −0.08
KO The Coca-Cola Co. Reduce -0.6% 1.90% −0.06
ADP Automatic Data Processing Reduce -2.1% 2.68% −0.06
VWO Vanguard Ftse Emerging Marke Reduce -3.0% 0.67% −0.06
CARR Carrier Global Corp. Reduce -2.3% 0.65% −0.06
AFL Aflac Inc. Reduce -0.1% 1.56% −0.05
PEP Pepsico Inc. Reduce -3.9% 0.43% −0.04
PM Philip Morris International Reduce -1.7% 0.29% −0.04
PPL PPL Corp. Reduce -1.0% 0.37% −0.02
NEE Nextera Energy Inc. Reduce -0.1% 1.05% −0.02
GEHC GE Healthcare Technology Reduce -30.9% 0.07% −0.02
ITW Illinois Tool Works Reduce -8.9% 0.13% −0.02
FFIV F5 Inc. Reduce -0.5% 0.87% −0.02
T AT&T Inc. Reduce -5.6% 0.09% −0.01
VRA Vera Bradley Inc. Reduce -4.3% 0.03% −0.01
BMY Bristol-Myers Squibb Co. Reduce -0.0% 0.38% −0.01
CNI Canadian Natl Railway Co. Reduce -1.5% 0.13% −0.01
ELV Elevance Health Inc. Reduce -4.5% 0.17% −0.00
BP BP PLC-Spons ADR Reduce 0.0% 0.25% −0.00
KMB Kimberly-Clark Corp. Reduce -0.0% 0.19% −0.00
MO Altria Group Inc. Reduce -1.8% 0.13% −0.00
J Jacobs Solutions Inc. Reduce -8.7% 0.35% +0.00
OTIS Otis Worldwide Corp. Reduce -1.7% 0.29% +0.00
SHW The Sherwin-Williams Co. Reduce -0.3% 0.14% +0.00
ZBH Zimmer Biomet Holdings Inc. Reduce -0.1% 1.29% +0.01
FLS Flowserve Corp. Reduce -1.3% 0.72% +0.01
VZ Verizon Communications Inc. Reduce -0.2% 0.46% +0.02
CPRT Copart Inc. Reduce -0.2% 0.21% +0.02
SYY Sysco Corp. Reduce -1.8% 1.42% +0.02
CB Chubb Ltd. Reduce -1.7% 0.51% +0.02
GWW WW Grainger Inc. Reduce -3.3% 0.38% +0.04
BRK.B Berkshire Hathaway Inc. Class B Reduce -1.9% 0.69% +0.05
PG The Procter & Gamble Co. Reduce -0.8% 2.20% +0.05
FELE Franklin Electric Co. Inc. Reduce -0.9% 3.15% +0.06
HD Home Depot Inc. Reduce -0.8% 3.69% +0.08
CINF Cincinnati Financial Corp. Reduce -0.3% 1.02% +0.11
GE General Electric Reduce -2.9% 0.54% +0.11
WMT Walmart Inc. Reduce -2.1% 2.64% +0.11
XOM Exxon Mobil Corp. Reduce -0.8% 1.71% +0.12

Portfolio Buys Q4 2023 → Q1 2024
TGT Target Corp. Add +0.7% 0.71% +0.10
AMAT Applied Materials Inc. New 0.07% +0.07
DE Deere & Co. New 0.06% +0.06
CRM Salesforce Inc. New 0.06% +0.06
GPC Genuine Parts Co. Add +0.5% 1.24% +0.06
VTI VG Morningstar TS MKT ETF-US New 0.06% +0.06
LLY Eli Lilly & Co. Add +2.1% 0.25% +0.05
SMG Scotts Miracle-Gro Co. Add +0.7% 0.44% +0.04
AMZN Amazon.com Inc. Add +40.5% 0.10% +0.03
LMT Lockheed Martin Corp. Add +20.9% 0.27% +0.03
GOOG Alphabet Inc. Class C Add +1.0% 1.70% +0.03
GOOGL Alphabet Inc. Class A Add +3.5% 0.52% +0.02
LIN Linde PLC Add +1.4% 0.31% +0.02
TSM Taiwan Semiconductor-SP ADR Add +4.1% 0.08% +0.02
V Visa Inc. Class A Add +3.3% 0.15% +0.00
NSC Norfolk Southern Corp. Add +1.3% 0.22% +0.00
COST Costco Wholesale Corp. Add +1.1% 0.18% +0.00
CHKP Check Point Software Tech Add +1.8% 0.12% +0.00
MDLZ Mondelez International Inc. Class A Add +8.6% 0.06% −0.00
CVX Chevron Corp. Add +0.3% 0.65% −0.01
MDT Medtronic PLC Add +0.1% 1.59% −0.02
UPS United Parcel Service Class B Add +10.2% 0.86% −0.03
AES AES Corp. Add +7.6% 0.43% −0.03
ADM Archer-Daniels-Midland Co. Add +6.0% 0.20% −0.03
VTIP Vanguard Short-Term Tips Add +1.1% 0.76% −0.04
USB US Bancorp Add +0.2% 1.67% −0.06
RCI Rogers Communications Inc. Class B Add +3.3% 0.40% −0.07
CCRD Corecard Corp. Add +2.7% 0.29% −0.09
CSCO Cisco Systems Inc. Add +0.7% 2.01% −0.16
INTC Intel Corp. Add +0.5% 1.11% −0.24

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 130$436.2MMSFT, AAPL, MRK, CSCO, JNJ
Q1 2026 127$408.6MMSFT, AAPL, WMT, MRK, JNJ
Q4 2025 124$406.8MMSFT, AAPL, WMT, MRK, JNJ
Q3 2025 122$407.9MMSFT, AAPL, HD, WMT, SGOV
Q2 2025 117$372.5MMSFT, AAPL, WMT, HD, MCD
Q1 2025 115$359.8MMSFT, AAPL, HD, WMT, MCD
Q4 2024 114$365.1MMSFT, AAPL, WMT, HD, MRK
Q3 2024 118$371.4MMSFT, AAPL, HD, MRK, WMT
Q2 2024 114$340.3MMSFT, MRK, AAPL, HD, WMT
Q1 2024 116$354.3MMSFT, MRK, HD, AAPL, MCD