Cencora

Cencora, formerly AmerisourceBergen, is one of the largest pharmaceutical distributors in the world, sourcing and delivering drugs and healthcare products to pharmacies, health systems and physician practices, with specialty and animal-health operations alongside. Its enormous scale in a low-margin distribution business creates high barriers to entry and steady, defensive demand. Cencora has paid dividends for more than two decades, a long record backed by consistent cash generation despite thin margins. The yield is low, so the income case rests on reliability and gradual growth rather than headline payout, with the essential nature of drug distribution lending the dividend a defensive, dependable quality.