Tufton Capital Management

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 7, 2024), Tufton Capital Management reported 118 stock positions worth $509.2 million. Its top holding was Microsoft (MSFT) at 6.5% of the portfolio, followed by Apple (AAPL, 3.6%) and Alphabet Class C (GOOG, 3.4%). Compared with Q4 2023, it opened 1 new position, sold out of 6, added to 33 and reduced 65. The biggest buy was Digital Realty Trust (DLR, shares +67%) and the biggest sale Apple (AAPL, shares −1%).

Most Recent 13F
Q2 2026
Location
HUNT VALLEY, MD
CIK
0001055963
Portfolio Value
$509.2M (Q1 2024)
SEC Filing
0001055963-24-000002 ↗ filed May 7, 2024

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $509.2M $509.2M Q1 2024 Q2 2024: $514.2M Q2 2024 Q3 2024: $533.4M Q3 2024 Q4 2024: $528.7M Q4 2024 Q1 2025: $519.2M Q1 2025 Q2 2025: $525.9M Q2 2025 Q3 2025: $561.0M Q3 2025 Q4 2025: $572.1M Q4 2025 Q1 2026: $549.7M Q1 2026 Q2 2026: $596.0M Q2 2026

Holdings 118 stocks · $509.2M
MSFT Microsoft Corp. 6.50% 78,646 $33.1M Reduce -0.2%
AAPL Apple Inc. 3.56% 105,740 $18.1M Reduce -0.6%
GOOG Alphabet Inc. Class C 3.35% 112,199 $17.1M Add +1.1%
JPM JPMorgan Chase & Co. 3.28% 83,421 $16.7M Reduce -0.7%
ADP Automatic Data Processing 2.76% 56,308 $14.1M Reduce -0.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW 2.75% 138,018 $14.0M Reduce -0.6%
MRK Merck & Co. Inc. 2.75% 106,054 $14.0M Reduce -0.3%
QCOM Qualcomm Inc. 2.64% 79,263 $13.4M Reduce -0.9%
TGT Target Corp. 2.56% 73,502 $13.0M Add +1.2%
AMZN Amazon.com Inc. 2.25% 63,532 $11.5M Add +1.8%
CVX Chevron Corp. 2.15% 69,256 $10.9M Add +2.7%
ABBV Abbvie Inc. 2.11% 59,069 $10.8M Reduce -0.7%
XOM Exxon Mobil Corp. 2.10% 91,890 $10.7M Add +0.6%
PG The Procter & Gamble Co. 2.08% 65,411 $10.6M Reduce -0.3%
CAT Caterpillar Inc. 1.91% 26,603 $9.7M Reduce -14.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.91% 256,780 $9.7M Reduce -0.7%
CB Chubb Ltd. 1.89% 37,079 $9.6M Reduce -1.3%
NSC Norfolk Southern Corp. 1.85% 36,870 $9.4M Reduce -0.0%
LMT Lockheed Martin Corp. 1.82% 20,427 $9.3M Reduce -0.7%
RTX RTX Corp. 1.81% 94,437 $9.2M Reduce -0.4%
JNJ Johnson & Johnson 1.79% 57,491 $9.1M Reduce -0.3%
EMR Emerson Electric Co. 1.76% 79,182 $9.0M Reduce -0.5%
NXPI NXP Semiconductors NV 1.73% 35,517 $8.8M Reduce -0.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.68% 69,725 $8.5M Reduce -0.9%
ABT Abbott Laboratories 1.55% 69,648 $7.9M Reduce -0.3%
WFC Wells Fargo & Co. 1.50% 132,004 $7.7M Reduce -0.8%
CPK Chesapeake Utilities Corp. 1.50% 71,250 $7.6M No change
GLW Corning Inc. 1.49% 229,827 $7.6M Reduce -0.9%
ZTS Zoetis Inc. 1.46% 44,038 $7.5M Add +0.3%
MDLZ Mondelez International Inc. Class A 1.46% 106,409 $7.4M Reduce -0.1%
CCI Crown Castle Inc. 1.39% 66,763 $7.1M Add +3.2%
UPS United Parcel Service Class B 1.34% 45,996 $6.8M Reduce -1.0%
MDT Medtronic PLC 1.29% 75,572 $6.6M Reduce -0.2%
PEP Pepsico Inc. 1.20% 34,786 $6.1M Reduce -0.4%
DLR Digital Realty Trust Inc. 1.18% 41,719 $6.0M Add +67.5%
CARR Carrier Global Corp. 1.16% 101,440 $5.9M Reduce -1.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.08% 28,715 $5.5M Reduce -0.7%
BMY Bristol-Myers Squibb Co. 0.98% 92,040 $5.0M Reduce -31.6%
DUK Duke Energy Corp. 0.94% 49,459 $4.8M Add +0.0%
VZ Verizon Communications Inc. 0.83% 100,845 $4.2M Add +0.0%
KO The Coca-Cola Co. 0.83% 68,746 $4.2M Reduce -0.1%
TSM Taiwan Semiconductor-SP ADR 0.82% 30,840 $4.2M Reduce -2.8%
PM Philip Morris International 0.80% 44,489 $4.1M Add +3.5%
INTC Intel Corp. 0.79% 91,424 $4.0M Reduce -2.4%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.79% 10,075 $4.0M Reduce -1.8%
GOOGL Alphabet Inc. Class A 0.71% 24,068 $3.6M Reduce -0.8%
CL Colgate-Palmolive Co. 0.69% 39,090 $3.5M Reduce -11.6%
DD Dupont DE Nemours Inc. 0.68% 45,213 $3.5M Reduce -1.8%
MMM 3M Co. 0.68% 32,549 $3.5M Reduce -30.2%
BRK.B Berkshire Hathaway Inc. Class B 0.62% 7,522 $3.2M Reduce -3.9%
DHR Danaher Corp. 0.57% 11,708 $2.9M Add +10.3%
EPD Enterprise Products Partners 0.56% 97,004 $2.8M Reduce -8.7%
COF Capital One Financial Corp. 0.55% 18,693 $2.8M Reduce -0.5%
IVV iShares Core S&P 500 ETF 0.54% 5,241 $2.8M Add +2.7%
MKC McCormick & Co.-Non VTG SHRS 0.53% 35,222 $2.7M Add +0.7%
LHX L3HARRIS Technologies Inc. 0.53% 12,625 $2.7M Add +0.1%
LLY Eli Lilly & Co. 0.53% 3,452 $2.7M Add +47.8%
CSCO Cisco Systems Inc. 0.52% 52,621 $2.6M Reduce -54.8%
DOW Dow Inc. 0.51% 44,629 $2.6M Reduce -0.6%
ELV Elevance Health Inc. 0.42% 4,124 $2.1M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.42% 4,083 $2.1M Reduce -0.1%
CMG Chipotle Mexican Grill Inc. 0.39% 687 $2.0M Reduce -0.7%
COST Costco Wholesale Corp. 0.37% 2,559 $1.9M Reduce -1.0%
SDY SS SPDR S&P Dividend ETF 0.32% 12,585 $1.7M Add +8.9%
OTIS Otis Worldwide Corp. 0.31% 16,057 $1.6M Reduce -17.3%
PNC PNC Financial Services Group 0.30% 9,422 $1.5M Reduce -0.4%
SYY Sysco Corp. 0.28% 17,639 $1.4M Reduce -0.5%
IJH iShares Core S&P Midcap ETF 0.26% 22,020 $1.3M Add +0.6%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.24% 22,740 $1.2M No change
META Meta Platforms Inc. Class A 0.22% 2,325 $1.1M Add +4.5%
IJR iShares Core S&P Small-Cap E 0.21% 9,606 $1.1M Add +2.9%
DE Deere & Co. 0.21% 2,557 $1.1M No change
AXP American Express Co. 0.20% 4,560 $1.0M Reduce -2.1%
V Visa Inc. Class A 0.20% 3,716 $1.0M Add +6.7%
IEFA iShares Core MSCI Eafe ETF 0.19% 13,054 $969K Reduce -1.3%
VWO Vanguard Ftse Emerging Marke 0.19% 22,609 $944K Reduce -1.1%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.18% 7,617 $929K Add +4.6%
UNP Union Pacific Corp. 0.16% 3,313 $815K Reduce -0.2%
LOW Lowe's Cos Inc. 0.15% 3,055 $778K Reduce -1.6%
BSX Boston Scientific Corp. 0.15% 11,265 $772K No change
PINS Pinterest Inc. Class A 0.14% 20,275 $703K Add +67.6%
BA The Boeing Co. 0.13% 3,552 $686K Add +17.8%
STZ Constellation Brands Inc. Class A 0.13% 2,458 $668K Add +37.9%
NEE Nextera Energy Inc. 0.13% 10,170 $650K No change
VEA Vanguard Ftse Developed ETF 0.12% 12,622 $633K Reduce -1.4%
FREL Fidelity MSCI RL Est Indx 0.12% 22,449 $586K Reduce -2.5%
HD Home Depot Inc. 0.11% 1,431 $549K Add +3.9%
MO Altria Group Inc. 0.10% 11,850 $517K Reduce -18.0%
IGM iShares Expanded Tech Sector 0.10% 5,700 $491K No change
FDX FedEx Corp. 0.10% 1,694 $491K Reduce -6.6%
IEMG iShares Core MSCI Emerging 0.09% 9,205 $475K Reduce -2.2%
BF.B Brown-Forman Corp. Class B 0.09% 8,675 $448K Reduce -3.6%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.09% 4,950 $438K No change
NFLX Netflix Inc. 0.09% 716 $435K No change
NVDA Nvidia Corp. 0.08% 470 $425K Reduce -16.1%
AMT American Tower Corp. 0.08% 2,135 $422K Add +6.2%
CSX CSX Corp. 0.08% 11,340 $420K No change
ETN Eaton Corp. PLC 0.08% 1,343 $420K No change
WMT Walmart Inc. 0.08% 6,921 $416K Reduce -1.1%
ISRG Intuitive Surgical Inc. 0.08% 1,018 $406K Add +2.5%
MCD McDonald's Corp. 0.08% 1,369 $386K Add +1.4%
SCI Service Corp. International 0.07% 5,000 $371K No change
APD Air Products & Chemicals Inc. 0.07% 1,510 $366K Reduce -3.7%
SYK Stryker Corp. 0.07% 1,005 $360K No change
INTU Intuit Inc. 0.07% 540 $351K Add +5.9%
GE General Electric 0.07% 1,975 $347K Add +1.0%
PROLOGIS INC 0.07% 2,582 $336K No change
MA Mastercard Inc. Class A 0.06% 674 $325K Add +11.6%
HON Honeywell International Inc. 0.06% 1,552 $319K No change
SCZ iShares MSCI Eafe Small-Cap 0.06% 5,005 $317K Reduce -1.0%
XLK SS Technology Select Sector 0.05% 1,319 $275K No change
PFE Pfizer Inc. 0.05% 9,053 $251K Reduce -7.2%
SHEL Shell PLC-ADR 0.05% 3,545 $238K No change
IHI iShares U.S. Medical Devices 0.05% 4,050 $237K Add +3.2%
AMP Ameriprise Financial Inc. 0.05% 530 $232K No change
CRM Salesforce Inc. 0.04% 758 $228K New
VFC VF Corp. 0.04% 11,835 $182K Reduce -77.8%
ESPHQ Ecosphere Technologies Inc. 0.00% 10,500 $0 No change

Portfolio Sells Q4 2023 → Q1 2024
AAPL Apple Inc. Reduce -0.6% 3.56% −0.74
CSCO Cisco Systems Inc. Reduce -54.8% 0.52% −0.72
BMY Bristol-Myers Squibb Co. Reduce -31.6% 0.98% −0.47
MMM 3M Co. Reduce -30.2% 0.68% −0.39
INTC Intel Corp. Reduce -2.4% 0.79% −0.19
UPS United Parcel Service Class B Reduce -1.0% 1.34% −0.19
VFC VF Corp. Reduce -77.8% 0.04% −0.17
MDLZ Mondelez International Inc. Class A Reduce -0.1% 1.46% −0.16
LMT Lockheed Martin Corp. Reduce -0.7% 1.82% −0.13
JNJ Johnson & Johnson Reduce -0.3% 1.79% −0.11
CARR Carrier Global Corp. Reduce -1.3% 1.16% −0.08
DD Dupont DE Nemours Inc. Reduce -1.8% 0.68% −0.06
ABT Abbott Laboratories Reduce -0.3% 1.55% −0.06
TSLA Tesla Inc. Sold out 0.00% −0.05
OTIS Otis Worldwide Corp. Reduce -17.3% 0.31% −0.05
FMAO Farmers & Merchants Banco Sold out 0.00% −0.05
SPLV Invesco S&P 500 Low Volatili Sold out 0.00% −0.05
PEP Pepsico Inc. Reduce -0.4% 1.20% −0.05
CL Colgate-Palmolive Co. Reduce -11.6% 0.69% −0.05
VLTO Veralto Corp. Sold out 0.00% −0.04
LULU Lululemon Athletica Inc. Sold out 0.00% −0.04
EPD Enterprise Products Partners Reduce -8.7% 0.56% −0.03
KO The Coca-Cola Co. Reduce -0.1% 0.83% −0.02
DIA SS SPDR Dow Jones Indus Avg Reduce -1.8% 0.79% −0.02
RIG Transocean Ltd. Sold out 0.00% −0.02
MO Altria Group Inc. Reduce -18.0% 0.10% −0.02
BF.B Brown-Forman Corp. Class B Reduce -3.6% 0.09% −0.02
APD Air Products & Chemicals Inc. Reduce -3.7% 0.07% −0.02
MDT Medtronic PLC Reduce -0.2% 1.29% −0.01
FREL Fidelity MSCI RL Est Indx Reduce -2.5% 0.12% −0.01
VWO Vanguard Ftse Emerging Marke Reduce -1.1% 0.19% −0.01
UNP Union Pacific Corp. Reduce -0.2% 0.16% −0.01
PFE Pfizer Inc. Reduce -7.2% 0.05% −0.01
CAT Caterpillar Inc. Reduce -14.2% 1.91% −0.01
DOW Dow Inc. Reduce -0.6% 0.51% −0.01
PNC PNC Financial Services Group Reduce -0.4% 0.30% −0.01
IEMG iShares Core MSCI Emerging Reduce -2.2% 0.09% −0.01
ADP Automatic Data Processing Reduce -0.5% 2.76% −0.01
IEFA iShares Core MSCI Eafe ETF Reduce -1.3% 0.19% −0.01
VEA Vanguard Ftse Developed ETF Reduce -1.4% 0.12% −0.00
SCZ iShares MSCI Eafe Small-Cap Reduce -1.0% 0.06% −0.00
FDX FedEx Corp. Reduce -6.6% 0.10% +0.00
GOOGL Alphabet Inc. Class A Reduce -0.8% 0.71% +0.00
WMT Walmart Inc. Reduce -1.1% 0.08% +0.00
GLW Corning Inc. Reduce -0.9% 1.49% +0.01
LOW Lowe's Cos Inc. Reduce -1.6% 0.15% +0.01
SYY Sysco Corp. Reduce -0.5% 0.28% +0.01
COST Costco Wholesale Corp. Reduce -1.0% 0.37% +0.01
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.1% 0.42% +0.01
NXPI NXP Semiconductors NV Reduce -0.1% 1.73% +0.02

Portfolio Buys Q4 2023 → Q1 2024
DLR Digital Realty Trust Inc. Add +67.5% 1.18% +0.48
TGT Target Corp. Add +1.2% 2.56% +0.39
AMZN Amazon.com Inc. Add +1.8% 2.25% +0.26
LLY Eli Lilly & Co. Add +47.8% 0.53% +0.24
XOM Exxon Mobil Corp. Add +0.6% 2.10% +0.18
GOOG Alphabet Inc. Class C Add +1.1% 3.35% +0.07
DHR Danaher Corp. Add +10.3% 0.57% +0.06
META Meta Platforms Inc. Class A Add +4.5% 0.22% +0.06
CRM Salesforce Inc. New 0.04% +0.04
PINS Pinterest Inc. Class A Add +67.6% 0.14% +0.04
STZ Constellation Brands Inc. Class A Add +37.9% 0.13% +0.04
CVX Chevron Corp. Add +2.7% 2.15% +0.03
VZ Verizon Communications Inc. Add +0.0% 0.83% +0.03
IVV iShares Core S&P 500 ETF Add +2.7% 0.54% +0.03
MKC McCormick & Co.-Non VTG SHRS Add +0.7% 0.53% +0.03
SDY SS SPDR S&P Dividend ETF Add +8.9% 0.32% +0.02
TROW T Rowe Price Group Inc. Add +4.6% 0.18% +0.02
GE General Electric Add +1.0% 0.07% +0.02
V Visa Inc. Class A Add +6.7% 0.20% +0.01
MA Mastercard Inc. Class A Add +11.6% 0.06% +0.01
ISRG Intuitive Surgical Inc. Add +2.5% 0.08% +0.01
IJH iShares Core S&P Midcap ETF Add +0.6% 0.26% +0.01
HD Home Depot Inc. Add +3.9% 0.11% +0.01
IHI iShares U.S. Medical Devices Add +3.2% 0.05% +0.00
INTU Intuit Inc. Add +5.9% 0.07% +0.00
IJR iShares Core S&P Small-Cap E Add +2.9% 0.21% −0.00
AMT American Tower Corp. Add +6.2% 0.08% −0.01
MCD McDonald's Corp. Add +1.4% 0.08% −0.01
LHX L3HARRIS Technologies Inc. Add +0.1% 0.53% −0.03
BA The Boeing Co. Add +17.8% 0.13% −0.03
PM Philip Morris International Add +3.5% 0.80% −0.05
DUK Duke Energy Corp. Add +0.0% 0.94% −0.07
CCI Crown Castle Inc. Add +3.2% 1.39% −0.17
ZTS Zoetis Inc. Add +0.3% 1.46% −0.35

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 127$596.0MGLW, GOOG, MSFT, AAPL, CAT
Q1 2026 126$549.7MMSFT, GOOG, AAPL, GLW, JPM
Q4 2025 122$572.1MMSFT, GOOG, AAPL, JPM, TJX
Q3 2025 118$561.0MMSFT, AAPL, JPM, GOOG, TJX
Q2 2025 118$525.9MMSFT, JPM, AAPL, ADP, GOOG
Q1 2025 120$519.2MMSFT, AAPL, JPM, ADP, GOOG
Q4 2024 120$528.7MMSFT, AAPL, GOOG, JPM, TJX
Q3 2024 121$533.4MMSFT, AAPL, GOOG, JPM, TJX
Q2 2024 119$514.2MMSFT, AAPL, GOOG, JPM, TJX
Q1 2024 118$509.2MMSFT, AAPL, GOOG, JPM, ADP