COR Long Put Strategy
COR (Cencora, Inc.), in the Healthcare sector, (Medical - Distribution industry), listed on NYSE.
Cencora, Inc. sources and distributes pharmaceutical products in the United States and internationally. The company's U.S. Healthcare Solutions segment distributes generic and injectable pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and alternate site pharmacies, and other customers; distributes plasma and other blood products, vaccines, and other specialty pharmaceutical products; provides pharmacy management, staffing, and other consulting services; supply management software to retail and institutional healthcare providers; packaging solutions to institutional and retail healthcare providers; clinical trial support, product post-approval, and commercialization support services; data analytics, outcomes research, and other services for biotechnology and pharmaceutical manufacturers; pharmaceuticals, vaccines, parasiticides, diagnostics, micro feed ingredients, and other products to the companion animal and production animal markets; sales force services to manufacturers; and offers other services to physicians who specialize in various disease states, such as oncology, as well as to other healthcare providers, including hospitals and dialysis clinics. Its International Healthcare Solutions segment provides international pharmaceutical wholesale and related service, and global commercialization services; distributes pharmaceuticals, other healthcare products, and related services to pharmacies, doctors, health centers, and hospitals; and offers specialty transportation and logistics services for the biopharmaceutical industry. The company was formerly known as AmerisourceBergen Corporation and changed its name to Cencora, Inc. in August 2023. Cencora, Inc. was founded in 1871 and is headquartered in Conshohocken, Pennsylvania.
COR (Cencora, Inc.) trades in the Healthcare sector, specifically Medical - Distribution, with a market capitalization of approximately $49.75B, a trailing P/E of 19.52, a beta of 0.65 versus the broader market, a 52-week range of 244.82-377.54, average daily share volume of 1.6M, 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 0.65 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 long put on COR?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
Current COR snapshot
As of May 15, 2026, spot at $259.03, ATM IV 26.70%, IV rank 27.67%, expected move 7.65%. The long 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 34-day expiry.
Why this long put structure on COR specifically: COR IV at 26.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a COR long put, with a market-implied 1-standard-deviation move of approximately 7.65% (roughly $19.83 on the underlying). The 34-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 $259.03 per share and to the trader's directional view on COR stock.
COR long put setup
The COR long 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 $259.03, the first option leg uses a $260.00 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 34-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) |
|---|---|---|---|
| Buy 1 | Put | $260.00 | $8.70 |
COR long put risk and reward
- Net Premium / Debit
- -$870.00
- Max Profit (per contract)
- $25,129.00
- Max Loss (per contract)
- -$870.00
- Breakeven(s)
- $251.30
- Risk / Reward Ratio
- 28.884
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
COR long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long 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% | +$25,129.00 |
| $57.28 | -77.9% | +$19,401.81 |
| $114.55 | -55.8% | +$13,674.63 |
| $171.83 | -33.7% | +$7,947.44 |
| $229.10 | -11.6% | +$2,220.26 |
| $286.37 | +10.6% | -$870.00 |
| $343.64 | +32.7% | -$870.00 |
| $400.91 | +54.8% | -$870.00 |
| $458.18 | +76.9% | -$870.00 |
| $515.46 | +99.0% | -$870.00 |
When traders use long put on COR
Long puts on COR hedge an existing long COR stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying COR exposure being hedged.
COR thesis for this long put
The market-implied 1-standard-deviation range for COR extends from approximately $239.20 on the downside to $278.86 on the upside. A COR long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long COR position with one put per 100 shares held. Current COR IV rank near 27.67% 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 26.70%. 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 long put positions are structurally bearish; 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. Long-premium structures like a long put on COR are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current COR chain quotes before placing a trade.
Frequently asked questions
- What is a long put on COR?
- A long put on COR is the long put strategy applied to COR (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With COR stock trading near $259.03, 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 long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the COR long put priced from the end-of-day chain at a 30-day expiry (ATM IV 26.70%), the computed maximum profit is $25,129.00 per contract and the computed maximum loss is -$870.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a COR long put?
- The breakeven for the COR long put priced on this page is roughly $251.30 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 7.65%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on COR?
- Long puts on COR hedge an existing long COR stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying COR exposure being hedged.
- How does current COR implied volatility affect this long put?
- COR ATM IV is at 26.70% with IV rank near 27.67%, 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.