SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

PICCOLO C A

(Last)

(First)

(Middle)

211 COMMERCE STREET

SUITE 800

(Street)

NASHVILLE

37201

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
CAREMARK RX INC [ CMX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2006

4. If Amendment, Date of 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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $.001	02/27/2006		M		50,000	A	$5.4375	135,641	D
Common Stock, par value $.001	02/27/2006		M		25,000	A	$3.875	160,641	D
Common Stock, par value $.001	02/27/2006		M		25,000	A	$12.25	185,641	D
Common Stock, par value $.001	02/27/2006		S		1,200	D	$50.7	184,441	D
Common Stock, par value $.001	02/27/2006		S		3,900	D	$50.71	180,541	D
Common Stock, par value $.001	02/27/2006		S		300	D	$50.72	180,241	D
Common Stock, par value $.001	02/27/2006		S		4,100	D	$50.73	176,141	D
Common Stock, par value $.001	02/27/2006		S		3,200	D	$50.74	172,941	D
Common Stock, par value $.001	02/27/2006		S		26,300	D	$50.75	146,641	D
Common Stock, par value $.001	02/27/2006		S		10,800	D	$50.76	135,841	D
Common Stock, par value $.001	02/27/2006		S		4,000	D	$50.77	131,841	D
Common Stock, par value $.001	02/27/2006		S		7,100	D	$50.78	124,741	D
Common Stock, par value $.001	02/27/2006		S		8,300	D	$50.79	116,441	D
Common Stock, par value $.001	02/27/2006		S		22,900	D	$50.8	93,541	D
Common Stock, par value $.001	02/27/2006		S		200	D	$50.81	93,341	D
Common Stock, par value $.001	02/27/2006		S		400	D	$50.82	92,941	D
Common Stock, par value $.001	02/27/2006		S		500	D	$50.83	92,441	D
Common Stock, par value $.001	02/27/2006		S		1,900	D	$50.84	90,541	D
Common Stock, par value $.001	02/27/2006		S		4,100	D	$50.85	86,441	D
Common Stock, par value $.001	02/27/2006		S		700	D	$50.86	85,741	D
Common Stock, par value $.001	02/27/2006		S		100	D	$50.88	85,641	D

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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option	$25.14							01/02/2004⁽¹⁾	01/02/2014	Common Stock, par value $.001	25,000		25,000	D
Stock Option	$5.4375	02/27/2006		M			50,000	01/27/1999⁽¹⁾	01/27/2009	Common Stock, par value $.001	50,000	$0	0	D
Stock Option	$3.875	02/27/2006		M			25,000	03/08/2000⁽¹⁾	03/08/2010	Common Stock, par value $.001	25,000	$0	0	D
Stock Option	$12.25	02/27/2006		M			25,000	01/12/2001⁽¹⁾	01/12/2011	Common Stock, par value $.001	25,000	$0	0	D
Stock Option	$15.8							01/02/2002⁽¹⁾	01/02/2012	Common Stock, par value $.001	25,000		25,000	D
Stock Units	⁽²⁾							⁽²⁾	⁽²⁾	Common Stock, par value $.001	1,680.3		1,680.3	D
Stock Option	$17.2							02/25/2003⁽¹⁾	02/25/2013	Common Stock, par value $.001	25,000		25,000	D
Stock Units	⁽²⁾							⁽²⁾	⁽²⁾	Common Stock, par value $.001	2,912.033		2,912.033	D
Stock Units	⁽²⁾							⁽²⁾	⁽²⁾	Common Stock, par value $.001	1,746.712		1,746.712	D
Stock Units	⁽²⁾							⁽²⁾	⁽²⁾	Common Stock, par value $.001	1,734.1		1,734.1	D
Stock Option	$37.92							03/01/2006⁽³⁾	03/01/2015	Common Stock, par value $.001	18,000		18,000	D

Explanation of Responses:

1. 34% of these options are exercisable on the grant date, and 33% are exercisable on each of the 1st and 2nd anniversaries of the grant date.

2. These stock units were accrued under the Caremark Rx, Inc. Director Deferred Compensation Plan, pursuant to which the reporting person has deferred an annual retainer and/or meeting fees. The reporting person may elect payment of the stock units in the form of a lump sum payment of Caremark Rx, Inc. common stock no earlier than 4 years after the last day of the calendar year in which the compensation attributable to the stock unit was deferred. Payment will be made within a reasonably practicable period of time following the earlier of a change of control (as defined in the plan) or the cessation of the reporting person's status as a non-employee member of Caremark Rx, Inc.'s Board of Directors.

3. Option vests in five equal annual installments beginning on the "Date Exercisable" above.

	/s/ C.A. Lance Piccolo	03/01/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
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