Tufton Capital Management

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 5, 2025), Tufton Capital Management reported 120 stock positions worth $528.7 million. Its top holding was Microsoft (MSFT) at 6.0% of the portfolio, followed by Apple (AAPL, 4.9%) and Alphabet Class C (GOOG, 3.8%). Compared with Q3 2024, it opened 2 new positions, sold out of 3, added to 31 and reduced 66. The biggest buy was a new position in Nike Class B (NKE) and the biggest sale Lockheed Martin (LMT, shares −0%).

Most Recent 13F
Q2 2026
Location
HUNT VALLEY, MD
CIK
0001055963
Portfolio Value
$528.7M (Q4 2024)
SEC Filing
0001055963-25-000001 ↗ filed Feb 5, 2025

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $509.2M Q1 2024 Q2 2024: $514.2M Q2 2024 Q3 2024: $533.4M Q3 2024 Q4 2024: $528.7M $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 120 stocks · $528.7M
MSFT Microsoft Corp. 6.04% 75,755 $31.9M Reduce -0.9%
AAPL Apple Inc. 4.88% 103,012 $25.8M Reduce -1.8%
GOOG Alphabet Inc. Class C 3.79% 105,267 $20.0M Reduce -0.8%
JPM JPMorgan Chase & Co. 3.63% 80,030 $19.2M Reduce -0.8%
TJX TJX Companies Inc. filed as TJX COS INC NEW 3.06% 134,113 $16.2M Reduce -0.7%
ADP Automatic Data Processing 3.03% 54,769 $16.0M Reduce -0.5%
AMZN Amazon.com Inc. 2.73% 65,788 $14.4M Reduce -0.1%
QCOM Qualcomm Inc. 2.06% 70,793 $10.9M Reduce -0.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.04% 244,970 $10.8M Reduce -0.5%
PG The Procter & Gamble Co. 2.03% 64,006 $10.7M Reduce -0.4%
GLW Corning Inc. 1.98% 220,310 $10.5M Reduce -1.2%
MRK Merck & Co. Inc. 1.97% 104,684 $10.4M Add +0.5%
ABBV Abbvie Inc. 1.96% 58,163 $10.3M Add +0.5%
RTX RTX Corp. 1.93% 88,000 $10.2M Reduce -0.7%
CVX Chevron Corp. 1.92% 70,065 $10.1M Reduce -0.3%
TGT Target Corp. 1.90% 74,155 $10.0M Add +0.8%
CB Chubb Ltd. 1.87% 35,845 $9.9M Reduce -0.3%
XOM Exxon Mobil Corp. 1.84% 90,256 $9.7M Reduce -0.3%
LMT Lockheed Martin Corp. 1.82% 19,782 $9.6M Reduce -0.2%
EMR Emerson Electric Co. 1.80% 76,727 $9.5M Reduce -0.2%
CAT Caterpillar Inc. 1.75% 25,464 $9.2M Reduce -0.5%
WFC Wells Fargo & Co. 1.68% 126,672 $8.9M Reduce -1.5%
CPK Chesapeake Utilities Corp. 1.64% 71,250 $8.6M No change
NSC Norfolk Southern Corp. 1.57% 35,314 $8.3M Add +0.1%
JNJ Johnson & Johnson 1.56% 57,105 $8.3M Add +0.3%
ZTS Zoetis Inc. 1.55% 50,402 $8.2M Reduce -0.2%
ABT Abbott Laboratories 1.52% 71,257 $8.1M Reduce -0.2%
UPS United Parcel Service Class B 1.40% 58,851 $7.4M Add +7.3%
DLR Digital Realty Trust Inc. 1.38% 41,262 $7.3M Add +0.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.36% 64,402 $7.2M Reduce -2.7%
NXPI NXP Semiconductors NV 1.35% 34,296 $7.1M Reduce -1.3%
MDLZ Mondelez International Inc. Class A 1.28% 113,271 $6.8M Add +7.8%
CARR Carrier Global Corp. 1.25% 97,191 $6.6M Reduce -0.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.15% 27,741 $6.1M Reduce -0.9%
CCI Crown Castle Inc. 1.10% 64,239 $5.8M Add +0.4%
NKE Nike Inc. Class B 1.08% 75,151 $5.7M New
TSM Taiwan Semiconductor-SP ADR 1.07% 28,553 $5.6M Reduce -2.6%
MDT Medtronic PLC 1.05% 69,561 $5.6M Reduce -2.4%
PEP Pepsico Inc. 0.99% 34,513 $5.2M Add +0.5%
PM Philip Morris International 0.97% 42,817 $5.2M Reduce -0.5%
DUK Duke Energy Corp. 0.90% 44,228 $4.8M Add +0.2%
GOOGL Alphabet Inc. Class A 0.86% 24,026 $4.5M Reduce -1.1%
BMY Bristol-Myers Squibb Co. 0.85% 79,395 $4.5M Reduce -4.0%
MMM 3M Co. 0.78% 32,091 $4.1M Add +1.4%
KO The Coca-Cola Co. 0.77% 65,608 $4.1M Reduce -2.0%
IVV iShares Core S&P 500 ETF 0.77% 6,870 $4.0M Add +3.7%
VZ Verizon Communications Inc. 0.72% 94,907 $3.8M Reduce -0.2%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.71% 8,826 $3.8M Reduce -1.6%
LLY Eli Lilly & Co. 0.70% 4,789 $3.7M Add +4.6%
DHR Danaher Corp. 0.69% 15,876 $3.6M Add +34.8%
BRK.B Berkshire Hathaway Inc. Class B 0.64% 7,459 $3.4M Reduce -0.2%
DD Dupont DE Nemours Inc. 0.63% 43,606 $3.3M Reduce -0.9%
COF Capital One Financial Corp. 0.61% 18,019 $3.2M Reduce -0.3%
EPD Enterprise Products Partners 0.53% 88,962 $2.8M Add +0.5%
SPY SS SPDR S&P 500 ETF Trust-US 0.50% 4,493 $2.6M Add +2.0%
MKC McCormick & Co.-Non VTG SHRS 0.48% 33,622 $2.6M Reduce -0.1%
CSCO Cisco Systems Inc. 0.47% 42,083 $2.5M Reduce -11.9%
LHX L3HARRIS Technologies Inc. 0.47% 11,798 $2.5M Add +0.7%
COST Costco Wholesale Corp. 0.45% 2,604 $2.4M Add +1.1%
CL Colgate-Palmolive Co. 0.45% 26,150 $2.4M Reduce -3.1%
CMG Chipotle Mexican Grill Inc. 0.38% 33,310 $2.0M Reduce -1.6%
DOW Dow Inc. 0.37% 48,147 $1.9M Add +3.0%
PNC PNC Financial Services Group 0.33% 9,110 $1.8M Reduce -1.6%
SDY SS SPDR S&P Dividend ETF 0.30% 11,948 $1.6M Reduce -4.9%
NVDA Nvidia Corp. 0.29% 11,380 $1.5M Add +6.8%
ELV Elevance Health Inc. 0.29% 4,124 $1.5M No change
INTC Intel Corp. 0.28% 74,793 $1.5M Reduce -11.3%
OTIS Otis Worldwide Corp. 0.27% 15,667 $1.5M Reduce -0.4%
META Meta Platforms Inc. Class A 0.27% 2,434 $1.4M Add +2.4%
AXP American Express Co. 0.26% 4,560 $1.4M No change
IEFA iShares Core MSCI Eafe ETF 0.23% 17,015 $1.2M Add +1.8%
SYY Sysco Corp. 0.22% 15,432 $1.2M Reduce -5.5%
IJH iShares Core S&P Midcap ETF 0.20% 17,343 $1.1M Add +1.2%
DE Deere & Co. 0.20% 2,536 $1.1M No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.19% 8,667 $980K Reduce -1.6%
BSX Boston Scientific Corp. 0.18% 10,753 $960K No change
V Visa Inc. Class A 0.18% 2,935 $928K Reduce -1.2%
VWO Vanguard Ftse Emerging Marke 0.17% 19,924 $877K Reduce -2.6%
IJR iShares Core S&P Small-Cap E 0.16% 7,395 $852K Add +2.1%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.15% 20,634 $791K Reduce -1.0%
PINS Pinterest Inc. Class A 0.15% 26,685 $774K Add +9.8%
NFLX Netflix Inc. 0.14% 838 $747K Add +9.4%
LOW Lowe's Cos Inc. 0.14% 3,005 $742K No change
NEE Nextera Energy Inc. 0.13% 9,710 $696K No change
UNP Union Pacific Corp. 0.13% 3,045 $694K Reduce -4.3%
TSLA Tesla Inc. 0.13% 1,666 $673K Reduce -2.9%
WMT Walmart Inc. 0.12% 6,989 $631K Reduce -0.3%
IGM iShares Expanded Tech Sector 0.11% 5,700 $582K No change
IEMG iShares Core MSCI Emerging 0.11% 10,945 $572K Add +0.9%
VEA Vanguard Ftse Developed ETF 0.11% 11,856 $567K Reduce -0.8%
ARM Arm Holdings PLC-ADR 0.10% 4,425 $546K Add +1.5%
HD Home Depot Inc. 0.10% 1,364 $531K Reduce -6.8%
ISRG Intuitive Surgical Inc. 0.10% 973 $508K Reduce -3.5%
MO Altria Group Inc. 0.10% 9,705 $507K Reduce -7.8%
STZ Constellation Brands Inc. Class A 0.09% 2,065 $456K Reduce -12.1%
ETN Eaton Corp. PLC 0.08% 1,343 $446K No change
APD Air Products & Chemicals Inc. 0.08% 1,510 $438K No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.08% 7,425 $435K No change
FDX FedEx Corp. 0.08% 1,530 $430K Add +1.4%
HON Honeywell International Inc. 0.07% 1,653 $373K Reduce -4.3%
CSX CSX Corp. 0.07% 11,108 $358K Reduce -2.6%
MCD McDonald's Corp. 0.07% 1,225 $355K Reduce -14.2%
SYK Stryker Corp. 0.07% 959 $345K Reduce -1.0%
INTU Intuit Inc. 0.06% 539 $339K Add +0.8%
GE General Electric filed as GE AEROSPACE 0.06% 2,000 $334K No change
XLK SS Technology Select Sector 0.06% 1,419 $330K No change
SCI Service Corp. International 0.06% 4,000 $319K Reduce -20.0%
BF.B Brown-Forman Corp. Class B 0.05% 7,575 $288K No change
AMP Ameriprise Financial Inc. 0.05% 530 $282K No change
GS Goldman Sachs Group Inc. 0.05% 475 $272K No change
MA Mastercard Inc. Class A 0.05% 515 $271K No change
CRM Salesforce Inc. 0.05% 775 $259K No change
FREL Fidelity MSCI RL Est Indx 0.05% 9,363 $253K Reduce -3.0%
PFE Pfizer Inc. 0.05% 9,073 $241K Reduce -6.2%
CAVA Cava Group Inc. 0.05% 2,125 $240K Reduce -6.6%
FMAO Farmers & Merchants Banco 0.04% 7,860 $231K No change
SHEL Shell PLC-ADR 0.04% 3,545 $222K No change
QQQ Invesco QQQ Trust Series 1 0.04% 407 $208K New
ELUT Elutia Inc. 0.01% 12,700 $47K Reduce -7.3%
ESPHQ Ecosphere Technologies Inc. 0.00% 10,500 $0 No change

Portfolio Sells Q3 2024 → Q4 2024
LMT Lockheed Martin Corp. Reduce -0.2% 1.82% −0.35
ZTS Zoetis Inc. Reduce -0.2% 1.55% −0.30
CARR Carrier Global Corp. Reduce -0.3% 1.25% −0.22
NXPI NXP Semiconductors NV Reduce -1.3% 1.35% −0.22
QCOM Qualcomm Inc. Reduce -0.2% 2.06% −0.20
XOM Exxon Mobil Corp. Reduce -0.3% 1.84% −0.15
MDT Medtronic PLC Reduce -2.4% 1.05% −0.15
CAT Caterpillar Inc. Reduce -0.5% 1.75% −0.13
MSFT Microsoft Corp. Reduce -0.9% 6.04% −0.13
KO The Coca-Cola Co. Reduce -2.0% 0.77% −0.13
DD Dupont DE Nemours Inc. Reduce -0.9% 0.63% −0.11
INTC Intel Corp. Reduce -11.3% 0.28% −0.09
RTX RTX Corp. Reduce -0.7% 1.93% −0.09
VZ Verizon Communications Inc. Reduce -0.2% 0.72% −0.08
CL Colgate-Palmolive Co. Reduce -3.1% 0.45% −0.08
CB Chubb Ltd. Reduce -0.3% 1.87% −0.07
PG The Procter & Gamble Co. Reduce -0.4% 2.03% −0.06
PROLOGIS INC Sold out 0.00% −0.04
CPT Camden Property Trust Sold out 0.00% −0.04
VEU Vanguard Ftse All-World Ex-U Sold out 0.00% −0.04
SDY SS SPDR S&P Dividend ETF Reduce -4.9% 0.30% −0.04
MKC McCormick & Co.-Non VTG SHRS Reduce -0.1% 0.48% −0.03
OTIS Otis Worldwide Corp. Reduce -0.4% 0.27% −0.03
STZ Constellation Brands Inc. Class A Reduce -12.1% 0.09% −0.03
CVX Chevron Corp. Reduce -0.3% 1.92% −0.02
VWO Vanguard Ftse Emerging Marke Reduce -2.6% 0.17% −0.02
SYY Sysco Corp. Reduce -5.5% 0.22% −0.02
UNP Union Pacific Corp. Reduce -4.3% 0.13% −0.02
MCD McDonald's Corp. Reduce -14.2% 0.07% −0.01
SLB SLB Ltd. Reduce -1.0% 0.15% −0.01
SCI Service Corp. International Reduce -20.0% 0.06% −0.01
VEA Vanguard Ftse Developed ETF Reduce -0.8% 0.11% −0.01
HD Home Depot Inc. Reduce -6.8% 0.10% −0.01
CAVA Cava Group Inc. Reduce -6.6% 0.05% −0.01
PFE Pfizer Inc. Reduce -6.2% 0.05% −0.01
IBM Intl Business Machines Corp. Reduce -0.9% 1.15% −0.01
CSX CSX Corp. Reduce -2.6% 0.07% −0.01
CSCO Cisco Systems Inc. Reduce -11.9% 0.47% −0.01
FREL Fidelity MSCI RL Est Indx Reduce -3.0% 0.05% −0.01
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.2% 0.64% −0.01
PM Philip Morris International Reduce -0.5% 0.97% −0.00
MO Altria Group Inc. Reduce -7.8% 0.10% −0.00
ABT Abbott Laboratories Reduce -0.2% 1.52% −0.00
DIA SS SPDR Dow Jones Indus Avg Reduce -1.6% 0.71% −0.00
ELUT Elutia Inc. Reduce -7.3% 0.01% −0.00
SYK Stryker Corp. Reduce -1.0% 0.07% −0.00
ISRG Intuitive Surgical Inc. Reduce -3.5% 0.10% +0.00
HON Honeywell International Inc. Reduce -4.3% 0.07% +0.00
TROW T Rowe Price Group Inc. Reduce -1.6% 0.19% +0.01
PNC PNC Financial Services Group Reduce -1.6% 0.33% +0.01

Portfolio Buys Q3 2024 → Q4 2024
NKE Nike Inc. Class B New 1.08% +1.08
DLR Digital Realty Trust Inc. Add +0.9% 1.38% +0.14
DHR Danaher Corp. Add +34.8% 0.69% +0.08
IVV iShares Core S&P 500 ETF Add +3.7% 0.77% +0.05
NVDA Nvidia Corp. Add +6.8% 0.29% +0.05
EPD Enterprise Products Partners Add +0.5% 0.53% +0.04
QQQ Invesco QQQ Trust Series 1 New 0.04% +0.04
NFLX Netflix Inc. Add +9.4% 0.14% +0.04
SPY SS SPDR S&P 500 ETF Trust-US Add +2.0% 0.50% +0.02
COST Costco Wholesale Corp. Add +1.1% 0.45% +0.02
META Meta Platforms Inc. Class A Add +2.4% 0.27% +0.01
IJH iShares Core S&P Midcap ETF Add +1.2% 0.20% +0.00
FDX FedEx Corp. Add +1.4% 0.08% +0.00
IJR iShares Core S&P Small-Cap E Add +2.1% 0.16% +0.00
UPS United Parcel Service Class B Add +7.3% 1.40% +0.00
INTU Intuit Inc. Add +0.8% 0.06% +0.00
PINS Pinterest Inc. Class A Add +9.8% 0.15% −0.00
IEMG iShares Core MSCI Emerging Add +0.9% 0.11% −0.01
ARM Arm Holdings PLC-ADR Add +1.5% 0.10% −0.01
IEFA iShares Core MSCI Eafe ETF Add +1.8% 0.23% −0.02
MMM 3M Co. Add +1.4% 0.78% −0.03
DUK Duke Energy Corp. Add +0.2% 0.90% −0.05
LHX L3HARRIS Technologies Inc. Add +0.7% 0.47% −0.05
LLY Eli Lilly & Co. Add +4.6% 0.70% −0.06
NSC Norfolk Southern Corp. Add +0.1% 1.57% −0.08
PEP Pepsico Inc. Add +0.5% 0.99% −0.10
DOW Dow Inc. Add +3.0% 0.37% −0.11
JNJ Johnson & Johnson Add +0.3% 1.56% −0.17
MDLZ Mondelez International Inc. Class A Add +7.8% 1.28% −0.17
ABBV Abbvie Inc. Add +0.5% 1.96% −0.19
MRK Merck & Co. Inc. Add +0.5% 1.97% −0.25
TGT Target Corp. Add +0.8% 1.90% −0.25
CCI Crown Castle Inc. Add +0.4% 1.10% −0.32

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