COR Cash-Secured Put Strategy
COR (Cencora, Inc.), in the Healthcare sector, (Medical - Distribution industry), listed on NYSE.
Cencora, Inc. functions as a global leader in the sourcing and distribution of pharmaceutical products, with operations spanning both the United States and international markets. Within its U.S. Healthcare Solutions segment, the company supplies a broad spectrum of pharmaceutical items, including generic and injectable medications, over-the-counter health products, and home healthcare equipment. Its extensive client network includes acute care hospitals, health systems, a variety of retail and mail-order pharmacies (independent, chain, long-term care), medical clinics, and other healthcare providers. This division also manages the distribution of crucial specialized pharmaceutical products like plasma, blood derivatives, and vaccines. Beyond product supply, Cencora offers comprehensive support services, such as pharmacy management, staffing solutions, and strategic consulting.
COR (Cencora, Inc.) trades in the Healthcare sector, specifically Medical - Distribution, with a market capitalization of approximately $55.67B, a trailing P/E of 21.84, a beta of 0.59 versus the broader market, a 52-week range of 244.82-377.54, average daily share volume of 1.8M, a public-listing history dating back to 1995, approximately 47K full-time employees. These structural characteristics shape how COR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.59 indicates COR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. COR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a cash-secured put on COR?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
Current COR snapshot
As of June 30, 2026, spot at $282.27, ATM IV 27.10%, IV rank 29.20%, expected move 7.77%. The cash-secured put on COR below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.
Why this cash-secured put structure on COR specifically: COR IV at 27.10% is on the cheap side of its 1-year range, which means a premium-selling COR cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.77% (roughly $21.93 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated COR expiries trade a higher absolute premium for lower per-day decay. Position sizing on COR should anchor to the underlying notional of $282.27 per share and to the trader's directional view on COR stock.
COR cash-secured put setup
The COR cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With COR near $282.27, the first option leg uses a $270.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed COR chain at a 17-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 COR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $270.00 | $2.30 |
COR cash-secured put risk and reward
- Net Premium / Debit
- +$230.00
- Max Profit (per contract)
- $230.00
- Max Loss (per contract)
- -$26,769.00
- Breakeven(s)
- $267.70
- Risk / Reward Ratio
- 0.009
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
COR cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on COR. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$26,769.00 |
| $62.42 | -77.9% | -$20,527.96 |
| $124.83 | -55.8% | -$14,286.93 |
| $187.24 | -33.7% | -$8,045.89 |
| $249.65 | -11.6% | -$1,804.86 |
| $312.06 | +10.6% | +$230.00 |
| $374.47 | +32.7% | +$230.00 |
| $436.88 | +54.8% | +$230.00 |
| $499.29 | +76.9% | +$230.00 |
| $561.70 | +99.0% | +$230.00 |
When traders use cash-secured put on COR
Cash-secured puts on COR earn premium while a trader waits to acquire COR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning COR.
COR thesis for this cash-secured put
The market-implied 1-standard-deviation range for COR extends from approximately $260.34 on the downside to $304.20 on the upside. A COR cash-secured put lets a trader earn premium while waiting to acquire COR at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current COR IV rank near 29.20% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on COR at 27.10%. As a Healthcare name, COR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COR-specific events.
COR cash-secured put positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. COR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move COR alongside the broader basket even when COR-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on COR carry tail risk when realized volatility exceeds the implied move; review historical COR earnings reactions and macro stress periods before sizing. Always rebuild the position from current COR chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on COR?
- A cash-secured put on COR is the cash-secured put strategy applied to COR (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With COR stock trading near $282.27, the strikes shown on this page are snapped to the nearest listed COR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are COR cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the COR cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 27.10%), the computed maximum profit is $230.00 per contract and the computed maximum loss is -$26,769.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a COR cash-secured put?
- The breakeven for the COR cash-secured put priced on this page is roughly $267.70 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current COR market-implied 1-standard-deviation expected move is approximately 7.77%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on COR?
- Cash-secured puts on COR earn premium while a trader waits to acquire COR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning COR.
- How does current COR implied volatility affect this cash-secured put?
- COR ATM IV is at 27.10% with IV rank near 29.20%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.