Cencora, Inc. (NYSE: COR) is a global pharmaceutical services company focused on drug distribution, manufacturer solutions, and healthcare logistics. Shares recently traded around $329 per share, giving the company a market value of roughly $65.7B.
Looking at who owns Cencora and recent insider activity helps show how large institutions, hedge funds, and company leadership appear to be positioning around the stock today.
Who Are Cencora’s Largest Shareholders?
Cencora’s shareholder base is led by large institutional investors. These firms tend to hold through market cycles, which can help support ownership stability, while changes among active managers may reflect shifting views on valuation or portfolio construction.
- The Vanguard Group: 23,310,032 shares (12.02%), ~$7.9B value. Added 914,301 shares (+4.08%).
- BlackRock Institutional Trust Company: 12,812,991 shares (6.60%), ~$4.3B value. Added 782,500 shares (+6.50%).
- State Street Investment Management: 9,190,316 shares (4.74%), ~$3.1B value. Added 782,911 shares (+9.31%).
- Walgreens Boots Alliance: 7,473,000 shares (3.85%), ~$2.5B value. Cut 2,907,000 shares (-28.01%).
- T. Rowe Price Associates: 7,350,960 shares (3.79%), ~$2.5B value. Cut 108,211 shares (-1.45%).
- Geode Capital Management: 5,290,421 shares (2.73%), ~$1.8B value. Added 502,812 shares (+10.50%).
- Boston Partners: 4,509,165 shares (2.32%), ~$1.5B value. Added 89,506 shares (+2.03%).
- Wellington Management: 3,971,121 shares (2.05%), ~$1.3B value. Added 115,278 shares (+2.99%).
- J.P. Morgan Asset Management: 3,740,774 shares (1.93%), ~$1.3B value. Added 976,863 shares (+35.34%).
This ownership mix highlights strong passive support at the top, while the reduction from Walgreens Boots Alliance appears to reflect a company-specific portfolio decision rather than a broad loss of institutional confidence, for investors.
Hedge Fund Highlights
Balyasny Asset Management, founded by Dmitry Balyasny, increased its Cencora position by 76.5% last quarter and now holds roughly $29M value of the stock. This move suggests the firm may be leaning more positively on Cencora’s earnings visibility within pharmaceutical distribution.
Millennium Management, led by Israel Englander, boosted its stake by 65.6%, bringing its position to approximately $308M value. The increase makes Millennium one of the more meaningful hedge fund holders, pointing to greater exposure at the portfolio level.
D. E. Shaw & Co., founded by David Shaw, raised its holdings by 135.4%, with a current position valued at about $72M value. The pace of the increase may reflect rising interest from systematic strategies responding to Cencora’s trading profile or fundamentals.
Schonfeld Strategic Advisors, led by Steven Schonfeld, increased its position by 85.5%, though the overall stake remains relatively small at roughly $0.4M value, suggesting incremental positioning rather than a high-conviction bet, for investors.
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Cencora’s Recent Insider Trades
Recent filings show several small insider transactions across officers and directors. Most appear modest relative to total insider ownership.
- Silvana Battaglia (Officer): Sold ~$0.6M at ~$345.
- Elizabeth Campbell (Officer): Sold ~$1.1M at ~$342.
- Robert P. Mauch (Officer and Director): Sold ~$1.7M and ~$1.0M at ~$343; also recorded ~$0.3M at ~$86.
- James F. Cleary Jr. (Officer): Sold ~$9.3M at ~$344 and ~$0.1M at ~$350; also recorded ~$3.9M at ~$86.
- Lazarus Krikorian (Officer): Sold ~$1.4M at ~$343 and ~$0.03M at ~$350.
- Dennis M. Nally (Director): Sold ~$0.4M at ~$343.
It appears these trades are small compared to overall ownership and may reflect personal portfolio management rather than a clear signal on future business performance, for investors.
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What the Ownership & Insider Trade Data Tell Us
Cencora’s ownership remains anchored by large passive institutions that continue to add shares, providing a stable foundation. Hedge fund positioning has turned more constructive, with several firms increasing exposure at varying scales. Insider activity appears cautious and limited, offering context without materially shifting the ownership picture.
Taken together, the data suggests Cencora continues to attract long-term institutional capital while positioning across hedge funds and insiders remains measured, for investors.
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