Morgan Dempsey Capital Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Morgan Dempsey Capital Management LLC reported 110 stock positions worth $239.8 million. Its top holding was AT&T (T) at 4.4% of the portfolio, followed by Philip Morris International (PM, 3.9%) and Exxon Mobil (XOM, 3.9%). Compared with Q4 2024, it opened 10 new positions, sold out of 4, added to 18 and reduced 58. The biggest buy was a new position in Wells Fargo (WFC) and the biggest sale Morgan Dempsey LC Value ETF (MDLV, shares −87%).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0001050463
- Portfolio Value
- $239.8M (Q1 2025)
- SEC Filing
- 0001941040-25-000283 ↗ filed May 12, 2025
Holdings Value
Holdings 110 stocks · $239.8M
| T AT&T Inc. | 4.40% | 372,765 | $10.5M | Reduce -10.0% |
| PM Philip Morris International | 3.94% | 58,943 | $9.4M | Reduce -10.1% |
| XOM Exxon Mobil Corp. | 3.87% | 78,045 | $9.3M | Reduce -9.8% |
| WEC WEC Energy Group Inc. | 3.71% | 81,581 | $8.9M | Reduce -9.9% |
| C Citigroup Inc. | 3.60% | 121,529 | $8.6M | Reduce -10.0% |
| CVX Chevron Corp. | 3.42% | 48,997 | $8.2M | Reduce -8.9% |
| CSCO Cisco Systems Inc. | 3.38% | 131,372 | $8.1M | Reduce -10.0% |
| ETR Entergy Corp. | 3.36% | 94,369 | $8.1M | Reduce -26.9% |
| PBA Pembina Pipeline Corp. | 3.14% | 188,257 | $7.5M | Reduce -9.7% |
| KO The Coca-Cola Co. | 3.12% | 103,734 | $7.5M | Reduce -9.9% |
| MDT Medtronic PLC | 2.93% | 77,633 | $7.0M | Reduce -8.3% |
| VZ Verizon Communications Inc. | 2.92% | 154,472 | $7.0M | Reduce -8.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 2.87% | 27,668 | $6.9M | Reduce -29.0% |
| CMI Cummins Inc. | 2.85% | 21,793 | $6.8M | Reduce -10.3% |
| LMT Lockheed Martin Corp. | 2.82% | 15,152 | $6.8M | Reduce -9.1% |
| CCI Crown Castle Inc. | 2.80% | 64,417 | $6.7M | Add +0.7% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 2.75% | 71,909 | $6.6M | Reduce -9.1% |
| PRU Prudential Financial Inc. | 2.75% | 58,969 | $6.6M | Reduce -10.1% |
| DUK Duke Energy Corp. | 2.68% | 52,670 | $6.4M | Reduce -9.9% |
| GD General Dynamics Corp. | 2.63% | 23,123 | $6.3M | Reduce -9.4% |
| SO The Southern Co. | 2.54% | 66,223 | $6.1M | Reduce -9.7% |
| ES Eversource Energy | 2.41% | 92,965 | $5.8M | Reduce -0.6% |
| JNJ Johnson & Johnson | 2.31% | 33,464 | $5.5M | Reduce -3.4% |
| WFC Wells Fargo & Co. | 2.21% | 73,643 | $5.3M | New |
| MAIN Main Street Capital Corp. | 2.18% | 92,204 | $5.2M | Reduce -9.6% |
| MRK Merck & Co. Inc. | 2.15% | 57,056 | $5.2M | Reduce -6.7% |
| KHC The Kraft Heinz Co. | 2.15% | 169,428 | $5.2M | Add +7.0% |
| UPS United Parcel Service Class B | 2.12% | 46,195 | $5.1M | Add +3.9% |
| LYB Lyondellbasell Indu Class A | 2.09% | 71,108 | $5.0M | Add +12.6% |
| PFE Pfizer Inc. | 2.08% | 196,417 | $5.0M | Add +7.3% |
| GIS General Mills Inc. | 1.99% | 79,701 | $4.8M | Reduce -7.9% |
| PG The Procter & Gamble Co. | 1.99% | 27,959 | $4.8M | Reduce -10.5% |
| SBUX Starbucks Corp. | 1.76% | 42,929 | $4.2M | Reduce -9.5% |
| MCD McDonald's Corp. | 1.73% | 13,251 | $4.1M | Reduce -8.8% |
| VOYA Voya Financial Inc. | 1.45% | 51,388 | $3.5M | New |
| RIO Rio Tinto PLC-Spon ADR | 1.43% | 54,961 | $3.4M | Reduce -4.4% |
| ARE Alexandria Real Estate Equit | 1.29% | 32,882 | $3.1M | Reduce -4.9% |
| MDLV Morgan Dempsey LC Value ETF | 0.24% | 21,500 | $584K | Reduce -86.8% |
| EGY Vaalco Energy Inc. | 0.11% | 71,925 | $270K | Reduce -21.6% |
| DAC Danaos Corp. | 0.10% | 3,221 | $251K | Reduce -29.4% |
| NULV Nuveen ESG Large-Cap Val ETF | 0.09% | 5,559 | $225K | Add +18.7% |
| UFPT Ufp Technologies Inc. | 0.08% | 948 | $191K | Reduce -29.5% |
| RSP Invesco S&P 500 Equal Weight | 0.08% | 1,054 | $183K | Reduce -31.4% |
| ESP Espey MFG & Electronics Corp. | 0.07% | 6,307 | $171K | Reduce -37.7% |
| HWKN Hawkins Inc. | 0.06% | 1,374 | $146K | Reduce -29.5% |
| XLP SS Consumer Staples Sel Sect | 0.06% | 1,706 | $139K | Reduce -14.1% |
| BKTI BK Technologies Corp. | 0.06% | 3,570 | $136K | Reduce -72.0% |
| SENEA Seneca Foods Corp. Class A | 0.06% | 1,521 | $135K | Reduce -29.3% |
| UCTT Ultra Clean Holdings Inc. | 0.05% | 6,060 | $130K | Reduce -21.7% |
| CGCB Cap Group Core Bond | 0.05% | 4,855 | $128K | Add +109.5% |
| SPNS Sapiens International Corp. | 0.05% | 4,680 | $126K | Reduce -29.5% |
| KEQU Kewaunee Scientific CP | 0.05% | 2,982 | $125K | Add +73.4% |
| TATT Tat Technologies Ltd. | 0.05% | 4,206 | $114K | Add +4.9% |
| HG Hamilton Insurance Grou Class B | 0.05% | 5,452 | $112K | Reduce -29.5% |
| KE Kimball Electronics Inc. | 0.05% | 6,688 | $111K | Reduce -29.4% |
| IWD iShares Russell 1000 Value E | 0.05% | 592 | $111K | Reduce -64.7% |
| MCRI Monarch Casino & Resort Inc. | 0.05% | 1,393 | $108K | Reduce -29.5% |
| DIAL Columbia Divers Fix Inc. ETF | 0.05% | 6,046 | $108K | Add +113.7% |
| MYRG MYR Group Inc./Delaware | 0.04% | 929 | $105K | Reduce -29.5% |
| VLGEA Village Super Market Class A | 0.04% | 2,618 | $99K | New |
| LLY Eli Lilly & Co. | 0.04% | 112 | $92K | Add +0.9% |
| BIPC Brookfield Infrastructure-A | 0.04% | 2,347 | $85K | Add +29.4% |
| OUSM Alps Oshares US Small-Cap Qu | 0.03% | 1,966 | $83K | Add +446.1% |
| COHU Cohu Inc. | 0.03% | 5,368 | $81K | Reduce -29.4% |
| TRNS Transcat Inc. | 0.03% | 954 | $75K | Reduce -29.4% |
| DVY iShares Select Dividend ETF | 0.03% | 521 | $70K | Reduce -97.5% |
| ATNI Atn International Inc. | 0.03% | 3,509 | $70K | New |
| AAPL Apple Inc. | 0.03% | 305 | $68K | Reduce -7.6% |
| AM Antero Midstream Corp. | 0.03% | 3,475 | $63K | Reduce -41.4% |
| MSFT Microsoft Corp. | 0.03% | 165 | $62K | Reduce -8.3% |
| GRW TCW Durable Growth ETF | 0.03% | 1,816 | $60K | Add +169.0% |
| CAT Caterpillar Inc. | 0.02% | 180 | $59K | Reduce -10.0% |
| V Visa Inc. Class A | 0.02% | 140 | $49K | Reduce -12.5% |
| ELMD Electromed Inc. | 0.02% | 1,762 | $43K | Reduce -29.5% |
| FBTC Fidelity Wise Origin Bitcoin | 0.02% | 602 | $43K | Add +9.1% |
| GILD Gilead Sciences Inc. | 0.02% | 350 | $39K | No change |
| SPIP SS SPDR P Tips ETF | 0.02% | 1,438 | $38K | Add +46.3% |
| PSX Phillips 66 | 0.02% | 301 | $37K | Reduce -27.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.01% | 800 | $33K | No change |
| ENB Enbridge Inc. | 0.01% | 738 | $33K | No change |
| HAS Hasbro Inc. | 0.01% | 499 | $31K | No change |
| LSEQ Harbor Long-Short Equity ETF | 0.01% | 1,051 | $30K | New |
| IGF iShares Global Infrastructur | 0.01% | 439 | $24K | New |
| COM Direxion Auspice BRD Cmdty | 0.01% | 719 | $21K | New |
| IEF iShares 7-10 Year Treasury B | 0.01% | 172 | $16K | No change |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.01% | 122 | $15K | No change |
| HON Honeywell International Inc. | 0.01% | 62 | $13K | No change |
| HEI Heico Corp. | 0.01% | 47 | $13K | No change |
| EMR Emerson Electric Co. | 0.00% | 105 | $12K | No change |
| MPWR Monolithic Power Systems Inc. | 0.00% | 19 | $11K | No change |
| MDLZ Mondelez International Inc. Class A | 0.00% | 154 | $11K | No change |
| COST Costco Wholesale Corp. | 0.00% | 11 | $10K | No change |
| ORCL Oracle Corp. | 0.00% | 72 | $10K | No change |
| ICE Intercontinental Exchange Inc. | 0.00% | 50 | $9K | No change |
| NEE Nextera Energy Inc. | 0.00% | 116 | $8K | No change |
| PEP Pepsico Inc. | 0.00% | 54 | $8K | No change |
| ABT Abbott Laboratories | 0.00% | 61 | $8K | No change |
| MARA Mara Holdings Inc. | 0.00% | 700 | $8K | No change |
| SGOV iShares 0-3 Month Treasury B | 0.00% | 76 | $8K | Reduce -1.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.00% | 12 | $7K | New |
Options reported separately and not counted above: GD calls ($27K), XOM calls ($24K), WEC calls ($22K), T calls ($20K), ETR calls ($17K), CVX calls ($17K), JNJ calls ($17K), PM calls ($16K), KO calls ($14K), C calls ($14K), VZ calls ($14K), CSCO calls ($12K), and 15 more.
Portfolio Sells Q4 2024 → Q1 2025
| MDLV Morgan Dempsey LC Value ETF | Reduce -86.8% | 0.24% | −1.44 |
| DVY iShares Select Dividend ETF | Reduce -97.5% | 0.03% | −1.08 |
| HSY The Hershey Co. | Sold out | 0.00% | −0.94 |
| IBM Intl Business Machines Corp. | Reduce -29.0% | 2.87% | −0.58 |
| ETR Entergy Corp. | Reduce -26.9% | 3.36% | −0.57 |
| CMI Cummins Inc. | Reduce -10.3% | 2.85% | −0.56 |
| LMT Lockheed Martin Corp. | Reduce -9.1% | 2.82% | −0.44 |
| PRU Prudential Financial Inc. | Reduce -10.1% | 2.75% | −0.38 |
| MRK Merck & Co. Inc. | Reduce -6.7% | 2.15% | −0.31 |
| MAIN Main Street Capital Corp. | Reduce -9.6% | 2.18% | −0.24 |
| GIS General Mills Inc. | Reduce -7.9% | 1.99% | −0.23 |
| C Citigroup Inc. | Reduce -10.0% | 3.60% | −0.23 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -9.1% | 2.75% | −0.16 |
| PG The Procter & Gamble Co. | Reduce -10.5% | 1.99% | −0.12 |
| BKTI BK Technologies Corp. | Reduce -72.0% | 0.06% | −0.12 |
| CSCO Cisco Systems Inc. | Reduce -10.0% | 3.38% | −0.10 |
| ARE Alexandria Real Estate Equit | Reduce -4.9% | 1.29% | −0.09 |
| IWD iShares Russell 1000 Value E | Reduce -64.7% | 0.05% | −0.08 |
| GD General Dynamics Corp. | Reduce -9.4% | 2.63% | −0.08 |
| UCTT Ultra Clean Holdings Inc. | Reduce -21.7% | 0.05% | −0.06 |
| UFPT Ufp Technologies Inc. | Reduce -29.5% | 0.08% | −0.05 |
| ESP Espey MFG & Electronics Corp. | Reduce -37.7% | 0.07% | −0.05 |
| EGY Vaalco Energy Inc. | Reduce -21.6% | 0.11% | −0.05 |
| COHU Cohu Inc. | Reduce -29.4% | 0.03% | −0.05 |
| DAC Danaos Corp. | Reduce -29.4% | 0.10% | −0.04 |
| HWKN Hawkins Inc. | Reduce -29.5% | 0.06% | −0.04 |
| MYRG MYR Group Inc./Delaware | Reduce -29.5% | 0.04% | −0.04 |
| AGG iShares Core U.S. Aggregate | Sold out | 0.00% | −0.03 |
| RSP Invesco S&P 500 Equal Weight | Reduce -31.4% | 0.08% | −0.03 |
| TRNS Transcat Inc. | Reduce -29.4% | 0.03% | −0.03 |
| KE Kimball Electronics Inc. | Reduce -29.4% | 0.05% | −0.02 |
| SPNS Sapiens International Corp. | Reduce -29.5% | 0.05% | −0.02 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.02 |
| BITB Bitwise Bitcoin ETF | Sold out | 0.00% | −0.02 |
| MCRI Monarch Casino & Resort Inc. | Reduce -29.5% | 0.05% | −0.02 |
| HG Hamilton Insurance Grou Class B | Reduce -29.5% | 0.05% | −0.01 |
| SENEA Seneca Foods Corp. Class A | Reduce -29.3% | 0.06% | −0.01 |
| ELMD Electromed Inc. | Reduce -29.5% | 0.02% | −0.01 |
| AM Antero Midstream Corp. | Reduce -41.4% | 0.03% | −0.01 |
| AAPL Apple Inc. | Reduce -7.6% | 0.03% | −0.01 |
| MSFT Microsoft Corp. | Reduce -8.3% | 0.03% | −0.00 |
| XLP SS Consumer Staples Sel Sect | Reduce -14.1% | 0.06% | −0.00 |
| CAT Caterpillar Inc. | Reduce -10.0% | 0.02% | −0.00 |
| PSX Phillips 66 | Reduce -27.5% | 0.02% | −0.00 |
| SGOV iShares 0-3 Month Treasury B | Reduce -1.3% | 0.00% | +0.00 |
| SBUX Starbucks Corp. | Reduce -9.5% | 1.76% | +0.01 |
| V Visa Inc. Class A | Reduce -12.5% | 0.02% | +0.02 |
| MCD McDonald's Corp. | Reduce -8.8% | 1.73% | +0.03 |
| PBA Pembina Pipeline Corp. | Reduce -9.7% | 3.14% | +0.04 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -4.4% | 1.43% | +0.07 |
Portfolio Buys Q4 2024 → Q1 2025
| WFC Wells Fargo & Co. | New | 2.21% | +2.21 |
| VOYA Voya Financial Inc. | New | 1.45% | +1.45 |
| CCI Crown Castle Inc. | Add +0.7% | 2.80% | +0.47 |
| LYB Lyondellbasell Indu Class A | Add +12.6% | 2.09% | +0.20 |
| KHC The Kraft Heinz Co. | Add +7.0% | 2.15% | +0.19 |
| PFE Pfizer Inc. | Add +7.3% | 2.08% | +0.12 |
| VLGEA Village Super Market Class A | New | 0.04% | +0.04 |
| ATNI Atn International Inc. | New | 0.03% | +0.03 |
| CGCB Cap Group Core Bond | Add +109.5% | 0.05% | +0.03 |
| OUSM Alps Oshares US Small-Cap Qu | Add +446.1% | 0.03% | +0.03 |
| DIAL Columbia Divers Fix Inc. ETF | Add +113.7% | 0.05% | +0.03 |
| NULV Nuveen ESG Large-Cap Val ETF | Add +18.7% | 0.09% | +0.02 |
| GRW TCW Durable Growth ETF | Add +169.0% | 0.03% | +0.02 |
| LSEQ Harbor Long-Short Equity ETF | New | 0.01% | +0.01 |
| IGF iShares Global Infrastructur | New | 0.01% | +0.01 |
| KEQU Kewaunee Scientific CP | Add +73.4% | 0.05% | +0.01 |
| COM Direxion Auspice BRD Cmdty | New | 0.01% | +0.01 |
| BIPC Brookfield Infrastructure-A | Add +29.4% | 0.04% | +0.01 |
| TATT Tat Technologies Ltd. | Add +4.9% | 0.05% | +0.01 |
| SPIP SS SPDR P Tips ETF | Add +46.3% | 0.02% | +0.01 |
| LLY Eli Lilly & Co. | Add +0.9% | 0.04% | +0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.00% | +0.00 |
| IWF iShares Russell 1000 Growth | New | 0.00% | +0.00 |
| JEPQ JPM Nasdaq Equity Premium | Add +168.4% | 0.00% | +0.00 |
| JEPI JPMorgan Equity Premium Inco | Add +272.2% | 0.00% | +0.00 |
| MFSI MFS Active International | New | 0.00% | +0.00 |
| FBTC Fidelity Wise Origin Bitcoin | Add +9.1% | 0.02% | 0.00 |
| UPS United Parcel Service Class B | Add +3.9% | 2.12% | −0.14 |
Options Activity Q4 2024 → Q1 2025
| XOM Exxon Mobil Corp. | call | Add +100.0% | 200 | $24K |
| JNJ Johnson & Johnson | call | New | 100 | $17K |
| KO The Coca-Cola Co. | call | New | 200 | $14K |
| GIS General Mills Inc. | call | New | 200 | $12K |
| PBA Pembina Pipeline Corp. | call | Sold out | 300 | $11Kbefore exit |
| MDT Medtronic PLC | call | New | 100 | $9K |
| WFC Wells Fargo & Co. | call | New | 100 | $7K |
| VOYA Voya Financial Inc. | call | New | 100 | $7K |
| ES Eversource Energy | call | New | 100 | $6K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 122 | $233.4M | BIL, C, CMI, ETR, CSCO |
| Q1 2026 | 123 | $219.4M | XOM, C, T, ETR, CSCO |
| Q4 2025 | 125 | $205.2M | C, CSCO, XOM, T, CMI |
| Q3 2025 | 131 | $224.9M | C, T, WEC, CSCO, ETR |
| Q2 2025 | 129 | $239.3M | T, C, CSCO, WEC, XOM |
| Q1 2025 | 110 | $239.8M | T, PM, XOM, WEC, C |
| Q4 2024 | 104 | $248.5M | ETR, C, T, XOM, CSCO |
| Q3 2024 | 99 | $291.1M | IBM, XOM, LMT, T, WEC |
| Q2 2024 | 86 | $299.6M | XOM, IBM, C, T, MRK |
| Q1 2024 | 85 | $312.3M | PSX, XOM, IBM, C, MRK |