Tufton Capital Management

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 31, 2024), Tufton Capital Management reported 119 stock positions worth $514.2 million. Its top holding was Microsoft (MSFT) at 6.8% of the portfolio, followed by Apple (AAPL, 4.3%) and Alphabet Class C (GOOG, 3.9%). Compared with Q1 2024, it opened 3 new positions, sold out of 3, added to 32 and reduced 62. The biggest buy was Apple (AAPL, shares +0%) and the biggest sale Target (TGT, shares −0%).

Most Recent 13F
Q2 2026
Location
HUNT VALLEY, MD
CIK
0001055963
Portfolio Value
$514.2M (Q2 2024)
SEC Filing
0001055963-24-000003 ↗ filed Jul 31, 2024

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $509.2M Q1 2024 Q2 2024: $514.2M $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 119 stocks · $514.2M
MSFT Microsoft Corp. 6.79% 78,152 $34.9M Reduce -0.6%
AAPL Apple Inc. 4.33% 105,761 $22.3M Add +0.0%
GOOG Alphabet Inc. Class C 3.95% 110,726 $20.3M Reduce -1.3%
JPM JPMorgan Chase & Co. 3.25% 82,678 $16.7M Reduce -0.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW 2.95% 137,656 $15.2M Reduce -0.3%
QCOM Qualcomm Inc. 2.82% 72,755 $14.5M Reduce -8.2%
ADP Automatic Data Processing 2.60% 56,097 $13.4M Reduce -0.4%
MRK Merck & Co. Inc. 2.54% 105,369 $13.0M Reduce -0.7%
AMZN Amazon.com Inc. 2.42% 64,283 $12.4M Add +1.2%
TGT Target Corp. 2.11% 73,163 $10.8M Reduce -0.5%
CVX Chevron Corp. 2.11% 69,226 $10.8M Reduce -0.0%
PG The Procter & Gamble Co. 2.09% 65,031 $10.7M Reduce -0.6%
XOM Exxon Mobil Corp. 2.07% 92,427 $10.6M Add +0.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.97% 255,117 $10.1M Reduce -0.7%
ABBV Abbvie Inc. 1.96% 58,909 $10.1M Reduce -0.3%
LMT Lockheed Martin Corp. 1.85% 20,337 $9.5M Reduce -0.4%
NXPI NXP Semiconductors NV 1.84% 35,241 $9.5M Reduce -0.8%
RTX RTX Corp. 1.83% 93,803 $9.4M Reduce -0.7%
CB Chubb Ltd. 1.83% 36,823 $9.4M Reduce -0.7%
ZTS Zoetis Inc. 1.74% 51,701 $9.0M Add +17.4%
GLW Corning Inc. 1.74% 229,994 $8.9M Add +0.1%
CAT Caterpillar Inc. 1.71% 26,355 $8.8M Reduce -0.9%
EMR Emerson Electric Co. 1.69% 78,704 $8.7M Reduce -0.6%
JNJ Johnson & Johnson 1.66% 58,484 $8.5M Add +1.7%
NSC Norfolk Southern Corp. 1.53% 36,576 $7.9M Reduce -0.8%
WFC Wells Fargo & Co. 1.51% 131,032 $7.8M Reduce -0.7%
ABT Abbott Laboratories 1.50% 74,173 $7.7M Add +6.5%
CPK Chesapeake Utilities Corp. 1.47% 71,250 $7.6M No change
MDLZ Mondelez International Inc. Class A 1.37% 107,693 $7.0M Add +1.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.34% 69,184 $6.9M Reduce -0.8%
CCI Crown Castle Inc. 1.27% 66,713 $6.5M Reduce -0.1%
CARR Carrier Global Corp. 1.24% 100,770 $6.4M Reduce -0.7%
DLR Digital Realty Trust Inc. 1.24% 41,779 $6.4M Add +0.1%
UPS United Parcel Service Class B 1.23% 46,318 $6.3M Add +0.7%
MDT Medtronic PLC 1.16% 75,476 $5.9M Reduce -0.1%
PEP Pepsico Inc. 1.11% 34,499 $5.7M Reduce -0.8%
TSM Taiwan Semiconductor-SP ADR 1.03% 30,354 $5.3M Reduce -1.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.97% 28,715 $5.0M No change
DUK Duke Energy Corp. 0.96% 49,331 $4.9M Reduce -0.3%
PM Philip Morris International 0.88% 44,821 $4.5M Add +0.8%
GOOGL Alphabet Inc. Class A 0.87% 24,440 $4.5M Add +1.6%
KO The Coca-Cola Co. 0.84% 68,221 $4.3M Reduce -0.8%
VZ Verizon Communications Inc. 0.79% 99,017 $4.1M Reduce -1.8%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.77% 10,087 $3.9M Add +0.1%
CL Colgate-Palmolive Co. 0.73% 38,603 $3.7M Reduce -1.3%
DD Dupont DE Nemours Inc. 0.72% 46,212 $3.7M Add +2.2%
BMY Bristol-Myers Squibb Co. 0.71% 87,331 $3.6M Reduce -5.1%
MMM 3M Co. 0.66% 33,362 $3.4M Add +2.5%
LLY Eli Lilly & Co. 0.61% 3,467 $3.1M Add +0.4%
BRK.B Berkshire Hathaway Inc. Class B 0.59% 7,472 $3.0M Reduce -0.7%
IVV iShares Core S&P 500 ETF 0.58% 5,466 $3.0M Add +4.3%
DHR Danaher Corp. 0.57% 11,833 $3.0M Add +1.1%
INTC Intel Corp. 0.55% 90,509 $2.8M Reduce -1.0%
LHX L3HARRIS Technologies Inc. 0.54% 12,268 $2.8M Reduce -2.8%
EPD Enterprise Products Partners 0.51% 91,014 $2.6M Reduce -6.2%
DOW Dow Inc. 0.50% 48,843 $2.6M Add +9.4%
COF Capital One Financial Corp. 0.50% 18,481 $2.6M Reduce -1.1%
MKC McCormick & Co.-Non VTG SHRS 0.48% 34,547 $2.5M Reduce -1.9%
CSCO Cisco Systems Inc. 0.47% 50,884 $2.4M Reduce -3.3%
ELV Elevance Health Inc. 0.43% 4,124 $2.2M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.43% 4,093 $2.2M Add +0.2%
COST Costco Wholesale Corp. 0.42% 2,542 $2.2M Reduce -0.7%
CMG Chipotle Mexican Grill Inc. 0.42% 34,200 $2.1M Reduce -0.4%
SDY SS SPDR S&P Dividend ETF 0.31% 12,557 $1.6M Reduce -0.2%
OTIS Otis Worldwide Corp. 0.30% 15,852 $1.5M Reduce -1.3%
PNC PNC Financial Services Group 0.28% 9,422 $1.5M No change
IJH iShares Core S&P Midcap ETF 0.24% 21,245 $1.2M Reduce -3.5%
SYY Sysco Corp. 0.24% 17,207 $1.2M Reduce -2.5%
META Meta Platforms Inc. Class A 0.23% 2,390 $1.2M Add +2.8%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.21% 22,740 $1.1M No change
AXP American Express Co. 0.21% 4,560 $1.1M No change
IJR iShares Core S&P Small-Cap E 0.19% 9,208 $982K Reduce -4.1%
V Visa Inc. Class A 0.19% 3,713 $975K Reduce -0.1%
IEFA iShares Core MSCI Eafe ETF 0.19% 13,233 $961K Add +1.4%
DE Deere & Co. 0.19% 2,557 $955K No change
VWO Vanguard Ftse Emerging Marke 0.18% 20,914 $915K Reduce -7.5%
PINS Pinterest Inc. Class A 0.18% 20,505 $904K Add +1.1%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.17% 7,642 $881K Add +0.3%
BSX Boston Scientific Corp. 0.17% 11,342 $873K Add +0.7%
NVDA Nvidia Corp. 0.16% 6,715 $830K Add +42.9%
UNP Union Pacific Corp. 0.15% 3,313 $750K No change
NEE Nextera Energy Inc. 0.14% 10,060 $712K Reduce -1.1%
ARM Arm Holdings PLC-ADR 0.13% 4,235 $693K New
LOW Lowe's Cos Inc. 0.13% 3,005 $662K Reduce -1.6%
STZ Constellation Brands Inc. Class A 0.13% 2,530 $651K Add +2.9%
VEA Vanguard Ftse Developed ETF 0.11% 11,956 $591K Reduce -5.3%
IGM iShares Expanded Tech Sector 0.10% 5,700 $538K No change
MO Altria Group Inc. 0.10% 11,650 $531K Reduce -1.7%
IEMG iShares Core MSCI Emerging 0.10% 9,739 $521K Add +5.8%
NFLX Netflix Inc. 0.10% 766 $517K Add +7.0%
BA The Boeing Co. 0.10% 2,773 $505K Reduce -21.9%
HD Home Depot Inc. 0.10% 1,441 $496K Add +0.7%
FDX FedEx Corp. 0.10% 1,630 $489K Reduce -3.8%
WMT Walmart Inc. 0.09% 6,871 $465K Reduce -0.7%
ISRG Intuitive Surgical Inc. 0.09% 1,008 $448K Reduce -1.0%
ETN Eaton Corp. PLC 0.08% 1,343 $421K No change
APD Air Products & Chemicals Inc. 0.08% 1,510 $390K No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.08% 4,950 $389K No change
CSX CSX Corp. 0.07% 11,340 $379K No change
SCI Service Corp. International 0.07% 5,000 $356K No change
MCD McDonald's Corp. 0.07% 1,391 $355K Add +1.6%
INTU Intuit Inc. 0.07% 535 $352K Reduce -0.9%
SYK Stryker Corp. 0.07% 990 $337K Reduce -1.5%
HON Honeywell International Inc. 0.06% 1,552 $331K No change
BF.B Brown-Forman Corp. Class B 0.06% 7,575 $327K Reduce -12.7%
FREL Fidelity MSCI RL Est Indx 0.06% 12,878 $326K Reduce -42.6%
GE General Electric filed as GE AEROSPACE 0.06% 2,000 $318K Add +1.3%
XLK SS Technology Select Sector 0.06% 1,319 $298K No change
MA Mastercard Inc. Class A 0.06% 674 $297K No change
TSLA Tesla Inc. 0.06% 1,466 $290K New
PROLOGIS INC 0.06% 2,570 $289K Reduce -0.5%
SCZ iShares MSCI Eafe Small-Cap 0.05% 4,437 $273K Reduce -11.3%
SOLV Solventum Corp. 0.05% 4,941 $261K Reduce -39.3%
SHEL Shell PLC-ADR 0.05% 3,545 $256K No change
PFE Pfizer Inc. 0.05% 9,053 $253K No change
AMP Ameriprise Financial Inc. 0.04% 530 $226K No change
GS Goldman Sachs Group Inc. 0.04% 475 $215K New
VFC VF Corp. 0.03% 11,835 $160K No change
ESPHQ Ecosphere Technologies Inc. 0.00% 10,500 $0 No change

Portfolio Sells Q1 2024 → Q2 2024
TGT Target Corp. Reduce -0.5% 2.11% −0.45
DIS The Walt Disney Co. Reduce -0.8% 1.34% −0.34
NSC Norfolk Southern Corp. Reduce -0.8% 1.53% −0.32
BMY Bristol-Myers Squibb Co. Reduce -5.1% 0.71% −0.27
INTC Intel Corp. Reduce -1.0% 0.55% −0.25
MRK Merck & Co. Inc. Reduce -0.7% 2.54% −0.21
CAT Caterpillar Inc. Reduce -0.9% 1.71% −0.21
ADP Automatic Data Processing Reduce -0.4% 2.60% −0.16
ABBV Abbvie Inc. Reduce -0.3% 1.96% −0.15
MDT Medtronic PLC Reduce -0.1% 1.16% −0.14
CCI Crown Castle Inc. Reduce -0.1% 1.27% −0.12
PEP Pepsico Inc. Reduce -0.8% 1.11% −0.09
AMT American Tower Corp. Sold out 0.00% −0.08
EMR Emerson Electric Co. Reduce -0.6% 1.69% −0.08
CB Chubb Ltd. Reduce -0.7% 1.83% −0.06
MKC McCormick & Co.-Non VTG SHRS Reduce -1.9% 0.48% −0.05
FREL Fidelity MSCI RL Est Indx Reduce -42.6% 0.06% −0.05
COF Capital One Financial Corp. Reduce -1.1% 0.50% −0.05
IHI iShares U.S. Medical Devices Sold out 0.00% −0.05
CSCO Cisco Systems Inc. Reduce -3.3% 0.47% −0.05
CRM Salesforce Inc. Sold out 0.00% −0.04
EPD Enterprise Products Partners Reduce -6.2% 0.51% −0.04
SYY Sysco Corp. Reduce -2.5% 0.24% −0.04
CVX Chevron Corp. Reduce -0.0% 2.11% −0.04
VZ Verizon Communications Inc. Reduce -1.8% 0.79% −0.04
BA The Boeing Co. Reduce -21.9% 0.10% −0.04
SOLV Solventum Corp. Reduce -39.3% 0.05% −0.03
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.7% 0.59% −0.03
JPM JPMorgan Chase & Co. Reduce -0.9% 3.25% −0.03
BF.B Brown-Forman Corp. Class B Reduce -12.7% 0.06% −0.02
LOW Lowe's Cos Inc. Reduce -1.6% 0.13% −0.02
IJH iShares Core S&P Midcap ETF Reduce -3.5% 0.24% −0.02
IJR iShares Core S&P Small-Cap E Reduce -4.1% 0.19% −0.02
OTIS Otis Worldwide Corp. Reduce -1.3% 0.30% −0.02
V Visa Inc. Class A Reduce -0.1% 0.19% −0.01
SDY SS SPDR S&P Dividend ETF Reduce -0.2% 0.31% −0.01
PROLOGIS INC Reduce -0.5% 0.06% −0.01
VEA Vanguard Ftse Developed ETF Reduce -5.3% 0.11% −0.01
SCZ iShares MSCI Eafe Small-Cap Reduce -11.3% 0.05% −0.01
VWO Vanguard Ftse Emerging Marke Reduce -7.5% 0.18% −0.01
SYK Stryker Corp. Reduce -1.5% 0.07% −0.01
FDX FedEx Corp. Reduce -3.8% 0.10% −0.00
INTU Intuit Inc. Reduce -0.9% 0.07% −0.00
PG The Procter & Gamble Co. Reduce -0.6% 2.09% +0.00
MO Altria Group Inc. Reduce -1.7% 0.10% +0.00
ISRG Intuitive Surgical Inc. Reduce -1.0% 0.09% +0.01
LHX L3HARRIS Technologies Inc. Reduce -2.8% 0.54% +0.01
WMT Walmart Inc. Reduce -0.7% 0.09% +0.01
WFC Wells Fargo & Co. Reduce -0.7% 1.51% +0.01
NEE Nextera Energy Inc. Reduce -1.1% 0.14% +0.01

Portfolio Buys Q1 2024 → Q2 2024
AAPL Apple Inc. Add +0.0% 4.33% +0.77
ZTS Zoetis Inc. Add +17.4% 1.74% +0.28
GLW Corning Inc. Add +0.1% 1.74% +0.25
AMZN Amazon.com Inc. Add +1.2% 2.42% +0.17
GOOGL Alphabet Inc. Class A Add +1.6% 0.87% +0.15
ARM Arm Holdings PLC-ADR New 0.13% +0.13
LLY Eli Lilly & Co. Add +0.4% 0.61% +0.08
PM Philip Morris International Add +0.8% 0.88% +0.08
NVDA Nvidia Corp. Add +42.9% 0.16% +0.08
TSLA Tesla Inc. New 0.06% +0.06
DLR Digital Realty Trust Inc. Add +0.1% 1.24% +0.06
DD Dupont DE Nemours Inc. Add +2.2% 0.72% +0.04
GS Goldman Sachs Group Inc. New 0.04% +0.04
IVV iShares Core S&P 500 ETF Add +4.3% 0.58% +0.04
PINS Pinterest Inc. Class A Add +1.1% 0.18% +0.04
BSX Boston Scientific Corp. Add +0.7% 0.17% +0.02
NFLX Netflix Inc. Add +7.0% 0.10% +0.02
SPY SS SPDR S&P 500 ETF Trust-US Add +0.2% 0.43% +0.01
META Meta Platforms Inc. Class A Add +2.8% 0.23% +0.01
IEMG iShares Core MSCI Emerging Add +5.8% 0.10% +0.01
DHR Danaher Corp. Add +1.1% 0.57% +0.00
IEFA iShares Core MSCI Eafe ETF Add +1.4% 0.19% −0.00
DOW Dow Inc. Add +9.4% 0.50% −0.00
STZ Constellation Brands Inc. Class A Add +2.9% 0.13% −0.00
GE General Electric Add +1.3% 0.06% −0.01
MCD McDonald's Corp. Add +1.6% 0.07% −0.01
TROW T Rowe Price Group Inc. Add +0.3% 0.17% −0.01
HD Home Depot Inc. Add +0.7% 0.10% −0.01
MMM 3M Co. Add +2.5% 0.66% −0.01
DIA SS SPDR Dow Jones Indus Avg Add +0.1% 0.77% −0.02
XOM Exxon Mobil Corp. Add +0.6% 2.07% −0.03
ABT Abbott Laboratories Add +6.5% 1.50% −0.06
MDLZ Mondelez International Inc. Class A Add +1.2% 1.37% −0.09
UPS United Parcel Service Class B Add +0.7% 1.23% −0.11
JNJ Johnson & Johnson Add +1.7% 1.66% −0.12

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