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CVS Corporation Increases Quarterly Dividend 26%

WOONSOCKET, R.I.--(BUSINESS WIRE)--Jan. 10, 2007--CVS Corporation (NYSE:CVS) today announced that its Board of Directors has approved an increase in its quarterly dividend of approximately 26%, to 4.875 cents per share on the Common Stock of the Corporation, payable February 2, 2007 to holders of record on January 22, 2007. This increase translates into an annual rate of 19.5 cents per share, up 4 cents from the previous rate of 15.5 cents.

"We have elected to increase our dividend for the fourth consecutive year," stated Dave Rickard, Executive Vice President, Chief Financial Officer, and Chief Administrative Officer. "This is a record dividend increase and reflects our expectations for continued strong financial performance and our goal of increasing total return to our shareholders."

CVS is America's largest retail pharmacy, operating more than 6,200 retail and specialty pharmacy stores in 43 states and the District of Columbia. With more than 40 years of dynamic growth in the retail pharmacy industry, CVS is committed to being the easiest pharmacy retailer for customers to use. CVS innovatively serves the healthcare needs of all customers through its CVS/pharmacy stores; its online pharmacy, CVS.com; its retail-based health clinic subsidiary, MinuteClinic; and its pharmacy benefit management, mail order and specialty pharmacy subsidiary, PharmaCare. General information about CVS is available through the Investor Relations portion of the Company's website, at http://investor.cvs.com, as well as through the pressroom portion of the Company's website, at www.cvs.com/pressroom.

CONTACT:
CVS Corporation
Investor
Nancy Christal
Vice President
Investor Relations
914-722-4704
or
Media
Eileen Howard Dunn
Vice President
Corporate Communications
401-770-4561

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