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

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: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
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
(Last)
(First)
(Middle)
ONE CVS DRIVE
3. Date of Earliest Transaction (Month/Day/Year)
05/18/2004
(Street)

WOONSOCKET, RI 02895-
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(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 Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 05/18/2004   M   2,900 A $ 16.7223 65,027 (1) D  
Common Stock 05/18/2004   M   123,230 A $ 16.1811 188,257 (1) D  
Common Stock 05/18/2004   S   28,030 D $ 40.25 160,227 (1) D  
Common Stock 05/18/2004   S   25,200 D $ 40.2 135,027 (1) D  
Common Stock 05/18/2004   S   72,900 D $ 40.1 62,127 (1) D  
Common Stock 05/19/2004   M   197,100 A $ 16.7223 259,227 (1) D  
Common Stock 05/19/2004   S   40,400 D $ 40.15 218,827 (1) D  
Common Stock 05/19/2004   S   42,800 D $ 40.16 176,027 (1) D  
Common Stock 05/19/2004   S   52,600 D $ 40.17 123,427 (1) D  
Common Stock 05/19/2004   S   25,700 D $ 40.18 97,727 (1) D  
Common Stock 05/19/2004   S   5,700 D $ 40.19 92,027 (1) D  
Common Stock 05/19/2004   S   4,600 D $ 40.2 87,427 (1) D  
Common Stock 05/19/2004   S   500 D $ 40.21 86,927 (1) D  
Common Stock 05/19/2004   S   5,800 D $ 40.22 81,127 (1) D  
Common Stock 05/19/2004   S   6,600 D $ 40.23 74,527 (1) D  
Common Stock 05/19/2004   S   4,600 D $ 40.24 69,927 (1) D  
Common Stock 05/19/2004   S   7,800 D $ 40.25 62,127 (1) D  
Common Stock               482,809 (2) I By Trust as beneficiary
ESOP Preference Stock               1,408 (3) I By ESOP
Common Stock (Restricted)               171,711 D  

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 1474 (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 Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option $ 16.1811 05/18/2004   M     123,230 04/11/1996 04/11/2005 Common Stock 123,230 $ 0 0 D  
Stock Option $ 16.7223 05/18/2004   M     2,900 05/14/1997 04/14/2006 Common Stock 2,900 $ 0 390,020 D  
Stock Option $ 16.7223 05/19/2004   M     197,100 05/14/1997 04/14/2006 Common Stock 197,100 $ 0 192,920 D  
Stock Option $ 23             02/17/1998 02/17/2007 Common Stock 391,320   391,320 D  
Stock Option $ 25.125             01/09/2005 01/09/2013 Common Stock 450,000   450,000 D  
Stock Option $ 29.925             01/02/2003 01/02/2012 Common Stock 506,062   506,062 D  
Stock Option $ 35.335             01/08/2005 01/08/2011 Common Stock 200,000   200,000 D  
Stock Option $ 36.6953             02/27/2001 02/27/2008 Common Stock 195,660   195,660 D  
Stock Option $ 37.3125             03/12/2001 03/12/2008 Common Stock 600,000   600,000 D  
Stock Option $ 38.5625             01/03/2002 01/03/2010 Common Stock 200,000   200,000 D  
Stock Option $ 50             03/10/2001 03/10/2009 Common Stock 150,000   150,000 D  
Stock Option $ 60.525             03/07/2003 03/07/2011 Common Stock 250,000   250,000 D  
Phantom Stock Credits $ 1               (4)   (4) Common Stock 614   614 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  

Signatures

 Thomas M Ryan   05/19/2004
**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).
(1) Includes shares acquired pursuant to issuer's Employee Stock Purchase Plan.
(2) Includes dividend reinvestment shares acquired during the course of the year.
(3) 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.

Note: File three copies of this Form, one of which must be manually signed. If space 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.