Wendell David Associates Inc.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 18, 2025), Wendell David Associates Inc. reported 151 stock positions worth $1.0 billion. Its top holding was Apple (AAPL) at 6.5% of the portfolio, followed by Mastercard Class A (MA, 6.4%) and Automatic Data Processing (ADP, 5.5%). Compared with Q4 2024, it opened 2 new positions, sold out of 5, added to 18 and reduced 72. The biggest buy was Arthur J Gallagher (AJG, shares +28%) and the biggest sale Apple (AAPL, shares −2%).

Most Recent 13F
Q2 2026
Location
PORTSMOUTH, NH
CIK
0000878228
Portfolio Value
$1.0B (Q1 2025)
SEC Filing
0000878228-25-000006 ↗ filed Apr 18, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $989.6M Q1 2024 Q2 2024: $981.4M Q2 2024 Q3 2024: $1.0B Q3 2024 Q4 2024: $1.0B Q4 2024 Q1 2025: $1.0B $1.0B Q1 2025 Q2 2025: $994.3M Q2 2025 Q3 2025: $1.0B Q3 2025 Q4 2025: $984.3M Q4 2025 Q1 2026: $918.9M Q1 2026 Q2 2026: $946.7M Q2 2026

Holdings 151 stocks · $1.0B
AAPL Apple Inc. 6.49% 292,654 $65.0M Reduce -1.6%
MA Mastercard Inc. Class A 6.44% 117,737 $64.5M Reduce -2.6%
ADP Automatic Data Processing 5.53% 181,458 $55.4M Reduce -2.3%
MSFT Microsoft Corp. 5.06% 135,036 $50.7M Reduce -2.7%
TJX TJX Companies Inc. filed as TJX COS INC NEW 4.72% 388,191 $47.3M Reduce -2.4%
SYK Stryker Corp. 4.32% 116,423 $43.3M Reduce -2.9%
LLY Eli Lilly & Co. 3.54% 42,925 $35.5M Reduce -0.3%
FISV Fiserv Inc. 2.96% 134,115 $29.6M Reduce -0.9%
ABT Abbott Laboratories 2.92% 220,319 $29.2M Reduce -0.8%
BR Broadridge Financial Solutio 2.48% 102,414 $24.8M Reduce -2.5%
INTU Intuit Inc. 2.45% 40,033 $24.6M Add +0.5%
MCD McDonald's Corp. 2.33% 74,680 $23.3M Reduce -1.4%
ABBV Abbvie Inc. 2.13% 101,869 $21.3M Reduce -0.3%
ECL Ecolab Inc. 1.84% 72,888 $18.5M Reduce -1.1%
CHD Church & Dwight Co. Inc. 1.84% 167,574 $18.4M Reduce -3.5%
GOOGL Alphabet Inc. Class A 1.80% 116,396 $18.0M Reduce -0.1%
NEE Nextera Energy Inc. 1.79% 253,471 $18.0M Add +0.2%
JNJ Johnson & Johnson 1.74% 105,334 $17.5M Reduce -5.0%
COST Costco Wholesale Corp. 1.70% 17,963 $17.0M Reduce -0.1%
WSO Watsco Inc. 1.63% 32,088 $16.3M Reduce -0.4%
PG The Procter & Gamble Co. 1.57% 92,338 $15.7M Reduce -1.0%
MKC McCormick & Co.-Non VTG SHRS 1.36% 165,726 $13.6M Add +0.0%
DHR Danaher Corp. 1.28% 62,442 $12.8M Reduce -6.9%
KO The Coca-Cola Co. 1.26% 175,944 $12.6M Reduce -1.6%
PEP Pepsico Inc. 1.22% 81,355 $12.2M Reduce -1.6%
FDS Factset Research Systems Inc. 1.17% 25,767 $11.7M Reduce -14.0%
XOM Exxon Mobil Corp. 1.16% 98,015 $11.7M Reduce -0.1%
MPC Marathon Petroleum Corp. 1.11% 76,547 $11.2M Reduce -1.6%
HD Home Depot Inc. 1.02% 27,973 $10.3M Reduce -0.4%
NKE Nike Inc. Class B 0.94% 148,904 $9.5M Reduce -8.2%
ACN Accenture PLC Class A 0.86% 27,602 $8.6M Reduce -4.2%
SHW The Sherwin-Williams Co. 0.81% 23,157 $8.1M Reduce -1.5%
WMT Walmart Inc. 0.78% 89,288 $7.8M Add +1.1%
AMT American Tower Corp. 0.78% 36,003 $7.8M Reduce -0.2%
AMZN Amazon.com Inc. 0.76% 40,189 $7.6M Reduce -2.8%
CL Colgate-Palmolive Co. 0.74% 79,014 $7.4M Reduce -1.1%
BRK.B Berkshire Hathaway Inc. Class B 0.73% 13,800 $7.3M Reduce -6.8%
V Visa Inc. Class A 0.69% 19,732 $6.9M Reduce -0.7%
RTX RTX Corp. 0.60% 45,144 $6.0M No change
IDXX Idexx Laboratories Inc. 0.55% 13,172 $5.5M Reduce -6.5%
ORLY O'reilly Automotive Inc. 0.55% 3,821 $5.5M Reduce -1.3%
QCOM Qualcomm Inc. 0.53% 34,833 $5.4M Reduce -14.6%
NVO Novo-Nordisk A/S-Spons ADR 0.53% 76,777 $5.3M Reduce -0.1%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.52% 14,975 $5.2M Add +28.4%
MRK Merck & Co. Inc. 0.49% 54,909 $4.9M Add +9.4%
APD Air Products & Chemicals Inc. 0.47% 15,881 $4.7M No change
PAYX Paychex Inc. 0.47% 30,315 $4.7M Reduce -3.4%
LOW Lowe's Cos Inc. 0.46% 19,619 $4.6M Reduce -12.9%
SYY Sysco Corp. 0.46% 60,925 $4.6M Reduce -3.9%
BF.B Brown-Forman Corp. Class B 0.45% 131,846 $4.5M Reduce -9.1%
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.43% 4,314 $4.3M No change
VEEV Veeva Systems Inc. Class A 0.41% 17,869 $4.1M Add +58.0%
ITW Illinois Tool Works 0.37% 14,830 $3.7M Reduce -6.3%
EMR Emerson Electric Co. 0.36% 33,186 $3.6M Reduce -2.3%
ISRG Intuitive Surgical Inc. 0.36% 7,275 $3.6M No change
EQIX Equinix Inc. 0.35% 4,332 $3.5M Add +5.6%
AMGN Amgen Inc. 0.34% 10,885 $3.4M Reduce -5.7%
LMT Lockheed Martin Corp. 0.33% 7,371 $3.3M Add +3.0%
BDX Becton Dickinson and Co. 0.32% 14,124 $3.2M No change
CSCO Cisco Systems Inc. 0.32% 51,618 $3.2M Reduce -3.9%
HON Honeywell International Inc. 0.31% 14,625 $3.1M Reduce -0.8%
FAST Fastenal Co. 0.30% 39,200 $3.0M No change
DE Deere & Co. 0.30% 6,467 $3.0M No change
CASY Casey's General Stores Inc. 0.30% 6,855 $3.0M No change
BCPC Balchem Corp. 0.28% 17,127 $2.8M Reduce -12.5%
ADI Analog Devices Inc. 0.28% 13,846 $2.8M Reduce -2.1%
APH Amphenol Corp. Class A 0.25% 38,780 $2.5M Add +66.2%
UNP Union Pacific Corp. 0.25% 10,696 $2.5M Reduce -2.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.20% 8,257 $2.1M Add +0.6%
PFF iShares Preferred & Income S 0.19% 63,242 $1.9M Reduce -3.9%
VZ Verizon Communications Inc. 0.18% 39,617 $1.8M Add +0.1%
PM Philip Morris International 0.18% 11,157 $1.8M Reduce -0.5%
DKS Dick's Sporting Goods Inc. 0.17% 8,533 $1.7M Add +8.9%
NVDA Nvidia Corp. 0.16% 14,997 $1.6M Reduce -0.3%
GILD Gilead Sciences Inc. 0.15% 13,440 $1.5M Reduce -1.5%
PFE Pfizer Inc. 0.15% 58,857 $1.5M Add +0.6%
TMO Thermo Fisher Scientific Inc. 0.15% 2,959 $1.5M Reduce -29.6%
HEI Heico Corp. 0.14% 5,244 $1.4M Add +137.3%
PPG PPG Industries Inc. 0.14% 12,457 $1.4M No change
COP Conocophillips 0.14% 12,941 $1.4M No change
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.14% 7,419 $1.4M Reduce -10.8%
SBUX Starbucks Corp. 0.13% 13,577 $1.3M Reduce -2.9%
CVX Chevron Corp. 0.13% 7,769 $1.3M No change
EW Edwards Lifesciences Corp. 0.13% 17,895 $1.3M Reduce -4.8%
MMM 3M Co. 0.13% 8,536 $1.3M No change
BMY Bristol-Myers Squibb Co. 0.12% 19,644 $1.2M Reduce -2.8%
K Kellanova 0.12% 14,100 $1.2M No change
VLTO Veralto Corp. 0.12% 11,869 $1.2M Reduce -1.6%
CARR Carrier Global Corp. 0.11% 17,203 $1.1M No change
EXPD Expeditors Intl Wash Inc. 0.11% 8,847 $1.1M Reduce -32.0%
NOC Northrop Grumman Corp. 0.10% 1,972 $1.0M No change
ZTS Zoetis Inc. 0.10% 5,977 $984K Reduce -24.9%
JPM JPMorgan Chase & Co. 0.10% 4,000 $981K No change
NSC Norfolk Southern Corp. 0.10% 4,025 $953K No change
HSY The Hershey Co. 0.09% 5,195 $889K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.08% 20,385 $851K No change
BRK.A Berkshire Hathaway Inc. Class A 0.08% 1 $798K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.08% 7,880 $778K No change
HPQ HP Inc. 0.08% 27,700 $767K No change
ULTA Ulta Beauty Inc. 0.08% 2,055 $753K Reduce -0.5%
ROST Ross Stores Inc. 0.07% 5,110 $653K Reduce -21.5%
FLO Flowers Foods Inc. 0.06% 33,300 $633K Reduce -2.2%
FBIN Fortune Brands Innovations I 0.06% 10,347 $630K No change
PANW Palo Alto Networks Inc. 0.06% 3,682 $628K No change
T AT&T Inc. 0.06% 21,836 $618K Add +0.4%
ORCL Oracle Corp. 0.06% 4,411 $617K No change
CI Cigna Holding Co. filed as CIGNA CORP 0.06% 1,862 $613K Reduce -14.9%
EOG EOG Resources Inc. 0.06% 4,653 $597K No change
TRMB Trimble Inc. 0.06% 8,777 $576K Reduce -4.6%
OTIS Otis Worldwide Corp. 0.06% 5,494 $567K No change
TSCO Tractor Supply Company 0.06% 10,035 $553K Reduce -3.6%
WSM Williams-Sonoma Inc. 0.06% 3,500 $553K No change
ALCO Alico Inc. 0.05% 17,866 $533K No change
DRI Darden Restaurants Inc. 0.05% 2,500 $519K No change
LIN Linde PLC 0.05% 1,096 $510K No change
GOOG Alphabet Inc. Class C 0.05% 3,228 $504K Add +3.3%
GE General Electric filed as GE AEROSPACE 0.05% 2,487 $498K No change
RHHBY Roche Holdings Ltd.-Spons ADR 0.05% 12,100 $498K No change
SNPS Synopsys Inc. 0.05% 1,117 $479K New
MDLZ Mondelez International Inc. Class A 0.05% 7,047 $478K No change
CAT Caterpillar Inc. 0.05% 1,443 $476K No change
DUK Duke Energy Corp. 0.05% 3,802 $464K Reduce -27.4%
TMUS T-Mobile US Inc. 0.04% 1,655 $441K No change
RBC RBC Bearings Inc. 0.04% 1,290 $415K No change
ALL Allstate Corp. 0.04% 2,000 $414K No change
UNH Unitedhealth Group Inc. 0.04% 787 $412K No change
INGR Ingredion Inc. 0.04% 3,000 $406K No change
CTAS Cintas Corp. 0.04% 1,967 $404K No change
CSX CSX Corp. 0.04% 13,474 $397K Reduce -12.9%
MO Altria Group Inc. 0.04% 6,475 $389K Add +0.4%
GPC Genuine Parts Co. 0.04% 3,255 $388K No change
AME Ametek Inc. 0.04% 2,117 $364K No change
CMI Cummins Inc. 0.04% 1,142 $358K No change
LHX L3HARRIS Technologies Inc. 0.03% 1,595 $334K No change
RSG Republic Services Inc. 0.03% 1,354 $328K No change
WM Waste Management Inc. 0.03% 1,378 $319K Reduce -1.8%
TXN Texas Instruments Inc. 0.03% 1,689 $304K No change
HPE Hewlett Packard Enterprise 0.03% 19,200 $296K No change
EFX Equifax Inc. 0.03% 1,212 $295K No change
KMI Kinder Morgan Inc. 0.03% 10,000 $285K No change
HSIC Henry Schein Inc. 0.03% 3,750 $257K No change
ETN Eaton Corp. PLC 0.03% 936 $255K No change
GIS General Mills Inc. 0.02% 4,032 $241K No change
AVGO Broadcom Inc. 0.02% 1,336 $224K No change
KMB Kimberly-Clark Corp. 0.02% 1,575 $224K No change
FTV Fortive Corp. 0.02% 2,910 $213K Reduce -24.0%
TECH Bio-Techne Corp. 0.02% 3,600 $211K No change
TT Trane Technologies PLC 0.02% 616 $207K No change
GD General Dynamics Corp. 0.02% 737 $201K New
DD Dupont DE Nemours Inc. 0.02% 2,674 $200K No change
BSTK Brite-Strike Tactical Illumi 0.00% 53,000 $1K No change

Portfolio Sells Q4 2024 → Q1 2025
AAPL Apple Inc. Reduce -1.6% 6.49% −0.88
MSFT Microsoft Corp. Reduce -2.7% 5.06% −0.73
GOOGL Alphabet Inc. Class A Reduce -0.1% 1.80% −0.39
NKE Nike Inc. Class B Reduce -8.2% 0.94% −0.27
FDS Factset Research Systems Inc. Reduce -14.0% 1.17% −0.25
DHR Danaher Corp. Reduce -6.9% 1.28% −0.25
ACN Accenture PLC Class A Reduce -4.2% 0.86% −0.14
AMZN Amazon.com Inc. Reduce -2.8% 0.76% −0.13
NVO Novo-Nordisk A/S-Spons ADR Reduce -0.1% 0.53% −0.12
BF.B Brown-Forman Corp. Class B Reduce -9.1% 0.45% −0.10
LOW Lowe's Cos Inc. Reduce -12.9% 0.46% −0.09
QCOM Qualcomm Inc. Reduce -14.6% 0.53% −0.09
TMO Thermo Fisher Scientific Inc. Reduce -29.6% 0.15% −0.07
HD Home Depot Inc. Reduce -0.4% 1.02% −0.06
EMR Emerson Electric Co. Reduce -2.3% 0.36% −0.05
EL Estee Lauder Companies Class A Sold out 0.00% −0.04
NVDA Nvidia Corp. Reduce -0.3% 0.16% −0.04
EXPD Expeditors Intl Wash Inc. Reduce -32.0% 0.11% −0.04
ROST Ross Stores Inc. Reduce -21.5% 0.07% −0.03
BCPC Balchem Corp. Reduce -12.5% 0.28% −0.03
TJX TJX Companies Inc. Reduce -2.4% 4.72% −0.03
ZTS Zoetis Inc. Reduce -24.9% 0.10% −0.03
ITW Illinois Tool Works Reduce -6.3% 0.37% −0.03
PEP Pepsico Inc. Reduce -1.6% 1.22% −0.03
IDXX Idexx Laboratories Inc. Reduce -6.5% 0.55% −0.02
SYY Sysco Corp. Reduce -3.9% 0.46% −0.02
WBA Walgreens Boots Alliance Inc. Sold out 0.00% −0.02
WEX Wex Inc. Sold out 0.00% −0.02
PRU Prudential Financial Inc. Sold out 0.00% −0.02
GEV GE Vernova Inc. Sold out 0.00% −0.02
HON Honeywell International Inc. Reduce -0.8% 0.31% −0.02
ADI Analog Devices Inc. Reduce -2.1% 0.28% −0.02
ULTA Ulta Beauty Inc. Reduce -0.5% 0.08% −0.01
PFF iShares Preferred & Income S Reduce -3.9% 0.19% −0.01
CSX CSX Corp. Reduce -12.9% 0.04% −0.01
DUK Duke Energy Corp. Reduce -27.4% 0.05% −0.01
JKHY Jack Henry & Associates Inc. Reduce -10.8% 0.14% −0.01
EW Edwards Lifesciences Corp. Reduce -4.8% 0.13% −0.01
FTV Fortive Corp. Reduce -24.0% 0.02% −0.01
TRMB Trimble Inc. Reduce -4.6% 0.06% −0.01
FLO Flowers Foods Inc. Reduce -2.2% 0.06% −0.01
VLTO Veralto Corp. Reduce -1.6% 0.12% −0.01
TSCO Tractor Supply Company Reduce -3.6% 0.06% +0.00
CI Cigna Holding Co. Reduce -14.9% 0.06% +0.00
CSCO Cisco Systems Inc. Reduce -3.9% 0.32% +0.00
WM Waste Management Inc. Reduce -1.8% 0.03% +0.00
UNP Union Pacific Corp. Reduce -2.5% 0.25% +0.00
BMY Bristol-Myers Squibb Co. Reduce -2.8% 0.12% +0.01
SBUX Starbucks Corp. Reduce -2.9% 0.13% +0.01
SHW The Sherwin-Williams Co. Reduce -1.5% 0.81% +0.02

Portfolio Buys Q4 2024 → Q1 2025
AJG Arthur J Gallagher & Co. Add +28.4% 0.52% +0.19
VEEV Veeva Systems Inc. Class A Add +58.0% 0.41% +0.18
MKC McCormick & Co.-Non VTG SHRS Add +0.0% 1.36% +0.11
APH Amphenol Corp. Class A Add +66.2% 0.25% +0.09
HEI Heico Corp. Add +137.3% 0.14% +0.09
SNPS Synopsys Inc. New 0.05% +0.05
IBM Intl Business Machines Corp. Add +0.6% 0.20% +0.03
VZ Verizon Communications Inc. Add +0.1% 0.18% +0.02
GD General Dynamics Corp. New 0.02% +0.02
T AT&T Inc. Add +0.4% 0.06% +0.01
MO Altria Group Inc. Add +0.4% 0.04% +0.01
NEE Nextera Energy Inc. Add +0.2% 1.79% −0.00
MRK Merck & Co. Inc. Add +9.4% 0.49% −0.00
PFE Pfizer Inc. Add +0.6% 0.15% −0.00
DKS Dick's Sporting Goods Inc. Add +8.9% 0.17% −0.01
WMT Walmart Inc. Add +1.1% 0.78% −0.01
GOOG Alphabet Inc. Class C Add +3.3% 0.05% −0.01
LMT Lockheed Martin Corp. Add +3.0% 0.33% −0.02
INTU Intuit Inc. Add +0.5% 2.45% −0.02
EQIX Equinix Inc. Add +5.6% 0.35% −0.03

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 155$946.7MAAPL, MA, TJX, LLY, MSFT
Q1 2026 151$918.9MAAPL, TJX, MA, MSFT, LLY
Q4 2025 149$984.3MAAPL, MSFT, MA, TJX, LLY
Q3 2025 149$1.0BMSFT, AAPL, MA, TJX, ADP
Q2 2025 147$994.3MMSFT, MA, AAPL, ADP, TJX
Q1 2025 151$1.0BAAPL, MA, ADP, MSFT, TJX
Q4 2024 154$1.0BAAPL, MA, MSFT, ADP, TJX
Q3 2024 160$1.0BAAPL, MA, MSFT, ADP, TJX
Q2 2024 159$981.4MAAPL, MSFT, MA, ADP, TJX
Q1 2024 163$989.6MMA, MSFT, AAPL, ADP, SYK