Ownership Submission
FORM 5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Form 3 Holdings Reported
Form 4 Transactions Reported
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0362
Expires: January 31, 2005
Estimated average burden hours per response... 1.0

1. Name and Address of Reporting Person *
RYAN THOMAS M
 2. Issuer Name and Ticker or Trading Symbol
CVS CORP [CVS] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chairman, CEO & President
(Last)
(First)
(Middle)

ONE CVS DRIVE		 3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2006
(Street)


WOONSOCKET, RI 02895-		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Reporting
(check applicable line)

_X_ Form Filed by One Reporting Person
___ Form Filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Amount (A) or (D) Price
Common Stock 12/22/2006   G 32,280 D $ 31.455 331,108 (1) D  
Common Stock 12/29/2006   G 1,550 D $ 31.075 329,558 (1) D  
Common Stock (Restricted)             933,177 D  
Stock Unit             141,290 D  
ESOP Preference Stock             1,636 (2) I By ESOP
Common Stock             24,800 I By Foundation
Common Stock             1,156,329 (3) I By Trust as beneficiary

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 2270 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned at End of Issuer's Fiscal Year
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Phantom Stock Credits $ 0             (4)   (5) Common Stock
4,644
  7,077
D
 
Stock Option $ 12.5625           01/09/2005 01/09/2013 Common Stock
900,000
  900,000
D
 
Stock Option $ 14.9625           01/02/2003 01/02/2012 Common Stock
1,012,124
  1,012,124
D
 
Stock Option $ 17.6675           01/08/2005 01/08/2011 Common Stock
400,000
  400,000
D
 
Stock Option $ 18.3477           02/27/2001 02/27/2008 Common Stock
391,320
  391,320
D
 
Stock Option $ 18.6563           03/12/2001 03/12/2008 Common Stock
1,200,000
  1,200,000
D
 
Stock Option $ 19.2813           01/03/2002 01/03/2010 Common Stock
400,000
  400,000
D
 
Stock Option $ 22.445           01/05/2006 01/05/2012 Common Stock
400,000
  400,000
D
 
Stock Option $ 25           03/10/2001 03/10/2009 Common Stock
300,000
  300,000
D
 
Stock Option $ 30.035           04/03/2007 04/03/2013 Common Stock
491,761
  491,761
D
 
Stock Option $ 30.2625           03/07/2003 03/07/2011 Common Stock
500,000
  500,000
D
 

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
RYAN THOMAS M
ONE CVS DRIVE
WOONSOCKET, RI 02895-		   X     Chairman, CEO & President  

Signatures

Thomas M Ryan 02/09/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(2) Reflects stock beneficially owned pursuant to issuer's ESOP Plan.
(4) Reflects 2002 and 2003 year end company match share credits of 33 and 581, respectively, under a non-qualified deferred compensation plan; share credits are payable in cash only, at such time as has been elected by the reporting person.
(3) Includes dividend reinvestment shares acquired during the course of the year.
(5) Reflects 2002 and 2003 year end company match share credits of 33 and 581, respectively, under a non-qualified deferred compensation plan; share credits are payable in cash only, at such time as has been elected by the reporting person.
(1) Includes shares acquired pursuant to issuer's Employee Stock Purchase Plan.

Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.