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Cardinal Capital Management

2626 GLENWOOD AVENUE SUITE 380, RALEIGH, NC 27608 • 919-532-7500

Q4 2025 · Filed 2026-01-30
Market Value
$753M
+4.2%
Holdings
135
+4
New Purchases
5
Added To
93
Closed
3
Reduced
33
Top 10 Concentration
27.4%
Turnover
5.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
LLY 3.91% 2.96% +0.95% $29M
GOOGL 2.73% 2.24% +0.49% $21M
PFE 0.40% 0.00% +0.40% $3M
TOTB.DE 0.39% 0.00% +0.39% $3M
MRK 1.36% 1.11% +0.24% $10M
JNJ 3.22% 3.01% +0.21% $24M
REGN 0.86% 0.66% +0.21% $6M
CMI 1.46% 1.26% +0.20% $11M
Q 0.19% 0.00% +0.19% $1M
AOS 0.18% 0.00% +0.18% $1M
AMZN 0.13% 0.00% +0.13% $1000K
CSCO 1.61% 1.49% +0.12% $12M
KEYS 1.08% 0.96% +0.12% $8M
FDX 0.70% 0.59% +0.12% $5M
AGX 1.12% 1.01% +0.11% $8M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MSFT 3.19% 3.60% -0.41% $24M
TTE 0.00% 0.38% -0.38% $0
UL 0.00% 0.34% -0.34% $0
DD 0.04% 0.37% -0.34% $269K
COST 2.39% 2.68% -0.29% $18M
ADP 1.49% 1.76% -0.27% $11M
LH 1.28% 1.51% -0.23% $10M
NFG 1.07% 1.28% -0.21% $8M
FFIV 0.65% 0.84% -0.19% $5M
VEEV 0.50% 0.68% -0.18% $4M
ODC 0.57% 0.74% -0.17% $4M
NVEC 0.00% 0.16% -0.16% $0
LOW 1.54% 1.67% -0.14% $12M
ITW 1.43% 1.56% -0.13% $11M
SAP 0.88% 1.01% -0.13% $7M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Healthcare 22.4%
Technology 17.0%
Industrials 16.6%
Financial Services 13.2%
Consumer Defensive 10.0%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 27 $293M 38.9%
Large Cap 60 $338M 44.9%
Mid Cap 36 $97M 12.8%
Small Cap 9 $20M 2.7%
Micro Cap 3 $5M 0.7%

Portfolio Analytics

Avg Market Cap
$261.3B
Median Market Cap
$27.0B
Avg P/E
24.9
Median P/E
21.4
Avg Dividend Yield
0.02%
Avg Beta
0.85
# Stocks
133
# ETFs / Funds
2

Top Holdings (135 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 LLY 3.91% 27,394 $29M $1,074.69 $8M -604 -2.2%
2 JNJ 3.22% 117,110 $24M $206.95 $2M -152 -0.1%
3 MSFT 3.19% 49,591 $24M $483.62 -$2M -604 -1.2%
4 AAPL 3.15% 87,178 $24M $271.86 $1M -435 -0.5%
5 GOOGL 2.73% 65,706 $21M $313.00 $4M -960 -1.4%
6 JPM 2.53% 59,174 $19M $322.22 $407K +18 +0.0%
7 COST 2.39% 20,828 $18M $862.34 -$1M -89 -0.4%
8 WMT 2.31% 156,224 $17M $111.41 $1M -808 -0.5%
9 BK 2.15% 139,147 $16M $116.09 $859K -1,223 -0.9%
10 XOM 1.85% 115,684 $14M $120.34 $932K +480 +0.4%
11 IBM 1.74% 44,165 $13M $296.21 $576K -158 -0.4%
12 DE 1.74% 27,974 $13M $467.18 $194K -85 -0.3%
13 CSCO 1.61% 157,011 $12M $77.03 $1M +89 +0.1%
14 EMR 1.57% 89,171 $12M $132.72 $171K +258 +0.3%
15 QCOM 1.56% 68,689 $12M $171.05 $364K +250 +0.4%
16 LOW 1.54% 47,923 $12M $241.16 -$541K -218 -0.5%
17 ECL 1.50% 42,993 $11M $263.24 -$446K +140 +0.3%
18 ADP 1.49% 43,262 $11M $258.91 -$2M +194 +0.5%
19 CMI 1.46% 21,455 $11M $510.45 $2M -24 -0.1%
20 ITW 1.43% 43,352 $11M $247.90 -$526K +384 +0.9%
21 TFC 1.36% 208,295 $10M $49.21 $789K +1,355 +0.7%
22 A 1.36% 75,091 $10M $136.07 $600K +300 +0.4%
23 MRK 1.36% 96,293 $10M $106.10 $2M +1,353 +1.4%
24 LH 1.28% 38,401 $10M $250.88 -$1M +389 +1.0%
25 IDXX 1.27% 14,116 $10M $676.53 $492K -62 -0.4%
26 MMM 1.16% 54,520 $9M $160.10 $336K +436 +0.8%
27 COP 1.14% 91,413 $9M $93.61 $50K +1,471 +1.6%
28 AGX 1.12% 26,942 $8M $313.32 $1M -138 -0.5%
29 PG 1.11% 58,268 $8M $143.31 -$475K +831 +1.4%
30 HAS 1.09% 99,879 $8M $82.00 $684K +919 +0.9%
31 KEYS 1.08% 40,066 $8M $203.19 $1M +222 +0.6%
32 NFG 1.07% 100,376 $8M $80.59 -$1M +601 +0.6%
33 MDT 1.07% 82,885 $8M $96.76 $140K +743 +0.9%
34 SBUX 1.04% 92,602 $8M $84.21 $59K +1,121 +1.2%
35 TROW 0.97% 71,072 $7M $102.38 -$33K -144 -0.2%
36 STT 0.95% 55,482 $7M $129.01 $716K -45 -0.1%
37 MKC 0.94% 102,971 $7M $68.59 $212K +591 +0.6%
38 NVS 0.91% 49,665 $7M $137.87 $492K +104 +0.2%
39 RY 0.90% 39,742 $7M $170.49 $925K +31 +0.1%
40 SAP 0.88% 27,230 $7M $242.91 -$660K +8 +0.0%
41 REGN 0.86% 8,406 $6M $771.87 $2M -25 -0.3%
42 BDX 0.84% 32,642 $6M $194.07 $285K +318 +1.0%
43 GIS 0.81% 131,701 $6M $46.50 -$672K -3,082 -2.3%
44 UTHR 0.78% 12,096 $6M $487.25 $828K +12 +0.1%
45 KO 0.77% 83,314 $6M $69.91 $312K +825 +1.0%
46 CW 0.77% 10,509 $6M $551.27 $77K -14 -0.1%
47 BMY 0.75% 104,288 $6M $53.94 $970K +1,075 +1.0%
48 USLM 0.71% 44,513 $5M $119.74 -$528K -20 -0.0%
49 FDX 0.70% 18,165 $5M $290.30 $1M +344 +1.9%
50 TM 0.69% 24,171 $5M $214.06 $571K +83 +0.3%
51 FFIV 0.65% 19,104 $5M $255.26 -$1M +365 +1.9%
52 PEP 0.64% 33,253 $5M $144.86 $162K +106 +0.3%
53 IDCC 0.62% 14,732 $5M $318.38 -$404K -25 -0.2%
54 ESLT 0.61% 7,889 $5M $577.71 $546K +20 +0.2%
55 RJF 0.61% 28,372 $5M $160.59 -$322K +109 +0.4%
56 BNS 0.60% 61,711 $5M $73.69 $579K +323 +0.5%
57 GOOG 0.60% 14,337 $4M $313.80 $918K -368 -2.5%
58 TD 0.58% 46,500 $4M $94.20 $669K +84 +0.2%
59 ODC 0.57% 87,950 $4M $48.94 -$1M +279 +0.3%
60 SHEL 0.56% 57,474 $4M $73.48 $122K +143 +0.2%
61 CACI 0.56% 7,917 $4M $532.81 $270K +2 +0.0%
62 BCPC 0.53% 25,949 $4M $154.31 $151K +272 +1.1%
63 TDY 0.52% 7,601 $4M $510.73 -$543K +50 +0.7%
64 SNA 0.52% 11,254 $4M $344.60 -$2K +57 +0.5%
65 VEEV 0.50% 16,916 $4M $223.23 -$1M +314 +1.9%
66 DXCM 0.49% 56,063 $4M $66.37 $434K +7,216 +14.8%
67 PAHC 0.49% 99,152 $4M $37.36 -$300K +177 +0.2%
68 PSX 0.49% 28,473 $4M $129.04 -$162K +268 +0.9%
69 SR 0.48% 42,985 $4M $83.52 $76K +292 +0.7%
70 SNY 0.47% 73,674 $4M $48.46 $133K +842 +1.2%
71 LSTR 0.47% 24,732 $4M $143.70 $573K +408 +1.7%
72 BMI 0.47% 20,165 $4M $174.41 -$71K +75 +0.4%
73 SYNA 0.46% 46,981 $3M $74.02 $294K +396 +0.8%
74 WBS 0.46% 54,936 $3M $62.94 $220K +471 +0.9%
75 HBAN 0.44% 189,895 $3M $17.50 $38K +1,323 +0.7%
76 BSAC 0.43% 102,880 $3M $31.11 $495K +782 +0.8%
77 JKHY 0.43% 17,531 $3M $182.48 $629K +273 +1.6%
78 GSK 0.41% 61,744 $3M $49.47 $375K +251 +0.4%
79 PFE 0.40% 120,229 $3M $24.90 +120,229 NEW
80 KE 0.39% 106,570 $3M $27.82 -$206K +372 +0.3%
81 TOTB.DE 0.39% 45,106 $3M $65.42 +45,106 NEW
82 DLB 0.39% 45,658 $3M $64.22 -$320K +715 +1.6%
83 MORN 0.38% 13,043 $3M $217.31 -$391K -859 -6.2%
84 CRUS 0.37% 23,790 $3M $118.50 -$145K +130 +0.6%
85 MASI 0.37% 21,462 $3M $130.06 -$334K +282 +1.3%
86 UPS 0.34% 25,508 $3M $99.19 $459K +709 +2.9%
87 FNB 0.34% 147,700 $3M $17.10 -$43K -11,765 -7.4%
88 PLPC 0.33% 12,104 $3M $206.71 $134K +30 +0.2%
89 JAZZ 0.33% 14,538 $2M $170.00 $564K +66 +0.5%
90 GGG 0.32% 29,539 $2M $81.97 -$73K +177 +0.6%
91 NVO 0.31% 45,310 $2M $50.88 -$504K -5,318 -10.5%
92 CFR 0.31% 18,134 $2M $126.63 $10K +98 +0.5%
93 UNB 0.30% 95,733 $2M $23.73 -$110K -470 -0.5%
94 OZK 0.30% 48,979 $2M $46.02 -$229K +277 +0.6%
95 HUBG 0.30% 52,438 $2M $42.61 $446K +522 +1.0%
96 CRL 0.29% 10,928 $2M $199.48 $480K +62 +0.6%
97 SEE 0.28% 50,659 $2M $41.43 $329K +585 +1.2%
98 LNN 0.27% 17,258 $2M $117.87 -$356K +256 +1.5%
99 VC 0.26% 20,263 $2M $95.10 -$470K +263 +1.3%
100 SAM 0.25% 9,551 $2M $195.13 -$408K -1,195 -11.1%

New Positions

SymbolValue% Port
PFE $3M 0.40%
TOTB.DE $3M 0.39%
Q $1M 0.19%
AOS $1M 0.18%
AMZN $1000K 0.13%

Sold Out Positions

SymbolValue% Port
UL —%
TTE —%
NVEC —%
View SEC EDGAR Filings for Cardinal Capital Management →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms