[Form 4] Cencora, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Cencora, Inc. (COR) – Form 4 filing: President & CEO Robert P. Mauch exercised 3,225 stock options at an $86.09 strike price and concurrently sold 4,968 common shares on 07/18/25 under a Rule 10b5-1 trading plan. The sale was executed at an average $294.11, generating about $1.46 million in gross proceeds.

After the paired exercise-and-sale, Mauch’s direct share ownership fell from 44,094 to 42,351 shares, a net reduction of 1,743 shares (≈4%). He continues to hold 25,802 fully vested options. No operational metrics, guidance, or other corporate developments are disclosed; the filing strictly documents routine insider transactions.

Insights

Securities Analyst

TL;DR: Minor net sale (≈4% stake) by CEO; routine 10b5-1 plan, limited strategic signal, neutral share-price impact expected.

The option exercise at $86.09 and immediate sale at $294.11 is a typical liquidity move, capturing a $208 per-share spread. Because the CEO still retains over 42k shares and 25.8k options, the transaction does not materially alter alignment with shareholders. Volume sold equals roughly one day’s average trading volume, so market impact should be negligible. I view the disclosure as neutral for valuation.

Corporate Governance Expert

TL;DR: Slight negative optics from share reduction, but 10b5-1 plan mitigates concern; governance risk remains low.

Executives selling stock can raise red flags, yet the pre-scheduled plan and modest size reduce interpretive risk. The CEO’s remaining stake preserves incentive alignment. No pattern of continuous disposals is evident. Therefore, the filing has low governance impact, though some investors may view any C-suite selling as marginally bearish.

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).

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)
07/18/2025

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	07/18/2025		M		3,225	A	$86.09	47,319	D
Common Stock	07/18/2025		S		4,968(1)	D	$294.11	42,351	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	07/18/2025		M			3,225	(2)	11/13/2026	Common Stock	3,225	$0	25,802	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	07/22/2025
	** 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?

Robert P. Mauch sold 4,968 shares on 07/18/25 at an average $294.11.

What was the value of the insider sale at Cencora?

Gross proceeds were approximately $1.46 million (4,968 × $294.11).

Did the CEO of COR buy any shares in the same filing?

Yes, he exercised 3,225 stock options at $86.09 before the sale.

How many Cencora shares does the CEO now own?

Post-transaction, Mauch directly owns 42,351 common shares.

Are the transactions under a Rule 10b5-1 plan?

Yes, the sale was executed pursuant to a 10b5-1 plan adopted on 11/15/24.