Monarch Capital Management Inc Buys The Kroger Co, Target Corp, Constellation Brands Inc, Sells Philip Morris International Inc, Northrop Grumman Corp, PepsiCo Inc

• New Purchases: KR, STZ,
• Added Positions: TGT, ZBH, GILD, FLS, APD, ADP, PX, QEP, CL, GOOG,
• Reduced Positions: PM, MRK, XOM, MCD, PEP, CVX, FELE, WFC, MSFT, HD,
• Sold Out: NOC, VAL, IBM, PNW, CARS,

For the details of MONARCH CAPITAL MANAGEMENT INC's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=MONARCH+CAPITAL+MANAGEMENT+INC

1. Merck & Co Inc (MRK) - 155,075 shares, 3.76% of the total portfolio. Shares reduced by 14.93%
2. McDonald's Corp (MCD) - 62,375 shares, 3.62% of the total portfolio. Shares reduced by 10.97%
3. Lakeland Financial Corp (LKFN) - 207,833 shares, 3.61% of the total portfolio. Shares reduced by 3.94%
4. Johnson & Johnson (JNJ) - 68,280 shares, 3.42% of the total portfolio. Shares reduced by 2.57%
5. Walgreens Boots Alliance Inc (WBA) - 114,597 shares, 3.4% of the total portfolio. Shares reduced by 0.25%

Monarch Capital Management Inc initiated holdings in The Kroger Co. The purchase prices were between $22.29 and $30.78, with an estimated average price of $28.42. The stock is now traded at around $23.92. The impact to the portfolio due to this purchase was 0.35%. The holdings were 39,200 shares as of 2017-06-30.

Monarch Capital Management Inc initiated holdings in Constellation Brands Inc. The purchase prices were between $161.4 and $192.79, with an estimated average price of $177.49. The stock is now traded at around $193.91. The impact to the portfolio due to this purchase was 0.09%. The holdings were 1,225 shares as of 2017-06-30.

Monarch Capital Management Inc added to the holdings in Target Corp by 49.99%. The purchase prices were between $50.52 and $58.41, with an estimated average price of $54.68. The stock is now traded at around $54.92. The impact to the portfolio due to this purchase was 0.2%. The holdings were 30,365 shares as of 2017-06-30.

Monarch Capital Management Inc added to the holdings in QEP Resources Inc by 38.78%. The purchase prices were between $9.06 and $12.88, with an estimated average price of $10.88. The stock is now traded at around $9.54. The impact to the portfolio due to this purchase was 0.02%. The holdings were 19,325 shares as of 2017-06-30.

Monarch Capital Management Inc sold out the holdings in Northrop Grumman Corp. The sale prices were between $236.1 and $261.27, with an estimated average price of $249.86.

Monarch Capital Management Inc sold out the holdings in The Valspar Corp. The sale prices were between $110.94 and $112.99, with an estimated average price of $112.14.

Monarch Capital Management Inc sold out the holdings in International Business Machines Corp. The sale prices were between $150.37 and $174.52, with an estimated average price of $158.02.

Monarch Capital Management Inc sold out the holdings in Pinnacle West Capital Corp. The sale prices were between $83.38 and $89.22, with an estimated average price of $86.12.

Monarch Capital Management Inc sold out the holdings in Cars.com Inc. The sale prices were between $24.6 and $29.14, with an estimated average price of $26.62.

Monarch Capital Management Inc reduced to the holdings in Philip Morris International Inc by 67.14%. The sale prices were between $109.62 and $122.9, with an estimated average price of $115.74. The stock is now traded at around $118.03. The impact to the portfolio due to this sale was -1.22%. Monarch Capital Management Inc still held 14,379 shares as of 2017-06-30.

Monarch Capital Management Inc reduced to the holdings in PepsiCo Inc by 31.57%. The sale prices were between $111.58 and $118.01, with an estimated average price of $114.66. The stock is now traded at around $117.01. The impact to the portfolio due to this sale was -0.32%. Monarch Capital Management Inc still held 16,975 shares as of 2017-06-30.

Monarch Capital Management Inc reduced to the holdings in Chevron Corp by 24.59%. The sale prices were between $103.11 and $109.43, with an estimated average price of $105.99. The stock is now traded at around $105.77. The impact to the portfolio due to this sale was -0.23%. Monarch Capital Management Inc still held 17,884 shares as of 2017-06-30.

Monarch Capital Management Inc reduced to the holdings in Norfolk Southern Corp by 22.37%. The sale prices were between $111.58 and $124.5, with an estimated average price of $117.37. The stock is now traded at around $116.42. The impact to the portfolio due to this sale was -0.05%. Monarch Capital Management Inc still held 4,597 shares as of 2017-06-30.