Form 4: Cencora EVP Campbell's RSU Vesting & Stock Sale

Cencora Executive Vice President Elizabeth S. Campbell reported the vesting of restricted stock units and a subsequent sale of shares for tax withholding purposes.

Summary

• Elizabeth S. Campbell, Executive Vice President of Cencora, Inc. (COR), reported transactions related to her beneficial ownership.
• On November 20, 2025, 1,590 Restricted Stock Units (RSUs) vested, converting into 1,590 shares of Cencora Common Stock.
• Following the vesting, 736 shares of Common Stock were disposed of at a price of $362.07 per share to satisfy tax withholding obligations.
• After these transactions, Campbell directly owns 27,242.141 shares of Cencora Common Stock.
• Campbell continues to beneficially own 3,180 derivative securities in the form of Restricted Stock Units.
• The remaining 3,180 Restricted Stock Units are scheduled to vest in two equal installments on November 20, 2026, and November 20, 2027.

Sentiment

Score: 5

Explanation: The filing reports a routine insider transaction related to executive compensation (RSU vesting and tax-related sale), which is neutral in terms of company-specific news or performance.

Positives

• The vesting of Restricted Stock Units demonstrates the execution of a pre-existing long-term incentive compensation plan for an executive.

Negatives

• A portion of the vested shares (736 shares) was sold, reducing the executive's direct ownership, although this was for tax withholding purposes.

Future Outlook

The Executive Vice President has 3,180 Restricted Stock Units remaining, which are scheduled to vest in two equal installments on November 20, 2026, and November 20, 2027.

Industry Context

This transaction represents a routine insider filing related to executive compensation, common across publicly traded companies, particularly those with established long-term incentive plans involving equity awards.

Comparison to Industry Standards

• The vesting of Restricted Stock Units and the subsequent sale of shares for tax withholding are standard components of executive compensation packages across publicly traded companies, aligning with common practices observed in large-cap pharmaceutical services and healthcare distribution firms.

Related Party Transactions

• The vesting of Restricted Stock Units is part of an executive compensation arrangement between Cencora, Inc. and its Executive Vice President, Elizabeth S. Campbell, a related party.

Stakeholder Impact

• Shareholders: Minimal impact as this is a routine, pre-scheduled transaction and does not reflect new operational or financial performance.
• Employees: No direct impact on general employees.

Next Steps

• Future vesting of remaining Restricted Stock Units on November 20, 2026, and November 20, 2027.

Key Dates

Recommendation

This Form 4 reports a routine insider transaction involving the vesting of restricted stock units and a subsequent sale of shares to cover tax obligations. Such transactions are common under executive compensation plans and do not typically signal a change in the company's fundamental outlook or the insider's confidence. Therefore, it provides no new information to warrant a change in investment recommendation.

Keywords

Cencora, COR, Form 4, Insider Transaction, Restricted Stock Units, RSU Vesting, Executive Compensation, Stock Sale, Elizabeth S. Campbell