[Form 4] Cencora, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Cencora, Inc. (COR) – Form 4 insider activity dated 18 June 2025

President & CEO Robert P. Mauch reported two simultaneous transactions: (1) the exercise of 3,225 non-qualified stock options at an exercise price of $86.09 (code M) and (2) the open-market sale of 4,969 common shares at an average price of $295.30 (code S) pursuant to a pre-arranged Rule 10b5-1 plan adopted on 15 Nov 2024.

After the transactions, Mauch’s direct ownership declined from 49,063 to 44,094 shares, a net reduction of 1,744 shares (≈ 3.6 % of his post-transaction stake and ≈ 10 % of the shares he previously held). He retains 29,027 vested options expiring 13 Nov 2026.

• The option exercise converted derivative holdings into common stock, locking in a spread of roughly $209.21 per share between the sale price and strike price.
• The sale represents a cash realization of ≈ $1.47 million before taxes and fees.
• The transaction was executed under a 10b5-1 plan, which generally reduces concerns about opportunistic timing.

No company operational metrics, earnings data, or strategic announcements are included in this filing; its relevance is limited to insider-ownership trends.

Positive

• Option exercise at $86.09 converts 3,225 options into stock, signaling continued insider equity participation.
• 10b5-1 trading plan disclosure reduces risk of opportunistic timing concerns and increases governance transparency.

Negative

• CEO sold 4,969 shares at $295.30, reducing direct ownership by ~10 % and signaling limited profit-taking.
• Net share decrease of 1,744 shares indicates the executive’s exposure to common stock edged lower despite option exercise.

Insights

Corporate Governance Analyst

TL;DR: Routine 10b5-1 sale; modest ownership cut, neutral governance signal.

From a governance standpoint, the CEO’s sale is mitigated by disclosure of a pre-planned 10b5-1 program. Although 4,969 shares were disposed, the executive still controls 44,094 shares plus 29,027 options, preserving clear alignment with shareholders. The exercise of options indicates that the awards were already fully vested, limiting incentive dilution. Net share reduction (≈3.6 % of holding) is modest and unlikely to change voting power or insider-sentiment interpretations materially. I view the filing as routine and neutral.

Portfolio Manager

TL;DR: Slightly bearish optics—CEO converts options then sells more shares than gained.

The combined exercise-and-sale structure generated roughly $1.47 million in gross proceeds and reduced share exposure by 1,744 shares. Although covered by a 10b5-1 plan, the CEO parted with more shares than he acquired, suggesting mild profit-taking near all-time highs (~$295). Insider sales can pressure sentiment, especially when involving the top executive, but the scale (<0.03 % of COR float) is immaterial to supply-demand dynamics. Overall impact on valuation models and liquidity is negligible; nonetheless, I flag a slight negative tone for momentum traders.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Mauch Robert P.

(Last) (First) (Middle)

1 WEST FIRST AVENUE

(Street)

CONSHOHOCKEN PA 19428

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Cencora, Inc. [ COR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
06/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/18/2025		M		3,225	A	$86.09	49,063	D
Common Stock	06/18/2025		S		4,969(1)	D	$295.3	44,094	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-qualified Stock Option (Right to Buy)	$86.09	06/18/2025		M			3,225	(2)	11/13/2026	Common Stock	3,225	$0	29,027	D

Explanation of Responses:

1. The sale of stock reflected in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 11/15/24.

2. Exercisable in four equal installments on 11/13/20, 11/13/21, 11/13/22 and 11/13/23.

Remarks:

	/s/ Elizabeth S. Campbell, attorney-in-fact for Robert P. Mauch	06/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Cencora (COR) shares did the CEO sell on 18-Jun-2025?

4,969 common shares were sold at an average price of $295.30.

What was the exercise price of the options converted by Cencora’s CEO?

The non-qualified stock options were exercised at $86.09 per share.

Does Robert P. Mauch still hold Cencora shares after the transaction?

Yes. He now directly owns 44,094 common shares plus 29,027 options expiring in 2026.

Was the sale made under a Rule 10b5-1 plan?

Yes, the filing states the sale occurred under a 10b5-1 plan adopted on 15-Nov-2024.

What percentage of the CEO’s holdings was sold?

Approximately 10 % of his pre-transaction common-share holdings were sold.