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Two More Minnesota Companies Added to Fortune 500 List

4June 2021

Minnesota had another strong showing on the annual Fortune 500 list. In the 2021 list, 18 Minnesota companies made the cut, up from 16 a year ago.

Each year, Fortune magazine ranks the top U.S. companies by annual revenue. Minnetonka-based health insurance giant UnitedHealth Group held on to its spot in the top 10, landing in fifth place. In 2020, the company’s revenue hit $257.1 billion.

“While widespread layoffs led to a decline in the number of individuals covered by its commercial insurance, [UnitedHealth’s] 6.2 percent revenue growth was powered by greater enrollment in its Medicare Advantage and Medicaid plans, and by the strong performance of Optum, its sprawling $136 billion health services business,” Fortune staff noted.

The list included many of the usual suspects in Minnesota’s business community. Target Corp. (ranked 30th), Best Buy (66th), and 3M (9th) all cracked the top 100. But there were two newcomers in Minnesota this year: Winona-based industrial supplies distributor Fastenal (ranked 479th) and St. Paul-based medical supplier Patterson Cos. Inc. (491st).

Companies with headquarters outside of the U.S. aren’t included on the list, which disqualifies some companies with significant Minnesota operations. Medtronic, for instance, pulled in $28.9 billion in revenue in its 2020 fiscal year, and would undoubtedly have made the list if it were headquartered here. The medical device maker was removed from the list after it moved its headquarters to Ireland for tax purposes.

Here are the 18 Minnesota companies that made the list this year:

 Company  2021 Fortune 500 Ranking  Revenue
 UnitedHealth Group  5 $257.1 billion
 Target Corp.  30 $93.56 billion
 Best Buy Co. Inc.  66 $47.26 billion
 3M  96 $32.1 billion
 CHS  103 $28.4 billion
 U.S. Bancorp  113 $25.2 billion
 General Mills  169 $17.6 billion
 C.H. Robinson Worldwide  191 $16.2 billion
 Land O’Lakes  219 $13.9 billion
 Ecolab  237 $12.7 billion
 Ameriprise Financial  253 $11.9 billion
 Xcel Energy  272 $11.5 billion
 Hormel Foods  317 $9.6 billion
 Thrivent Financial  369 $8.15 billion
 Polaris  407 $7.1 billion
 Securian Financial Group  421 $6.87 billion
 Fastenal  479 $5.647 billion
 Patterson Cos. Inc.  491 $5.49 billion

 

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