Minnesota Adds Two New Entries to Fortune 500, But Loses One
Snowmobile and off-road vehicles manufacturer Polaris Industries edged into the Fortune 500 list this year for the first time ever, as did financial services firm Securian Financial Group. Minnesota’s presence on Fortune’s 2018 list, which ranks companies by their 2017 fiscal year revenue, grew by one year-over-year to 19 given the loss of St. Jude Medical, which was acquired early last year by Abbott Laboratories.
UnitedHealth Group, the nation’s largest insurer, once again earned the top spot among Minnesota companies, this year breaking into the fifth overall position. The state’s two big-box retailers, Target (38th overall) and Best Buy (72nd overall), took home the silver and bronze locally, as two Minnesota manufacturers — CHS Inc. (96th overall) and 3M (97th overall) — rounded out the top 100.
Meanwhile, several of the state’s long-standing Fortune 500 businesses moved significantly down in the rankings.
Hormel Foods (323rd overall) took the biggest tumble, falling 28 spots from its ranking last year. Thrivent Financial for Lutherans (343rd overall) also dropped 27 positions. Shipping and logistics company C.H. Robinson Worldwide had the biggest gain among Minnesota companies previously within the Fortune 500. It jumped up 19 spots.
However, the state’s new entries, Securian and Polaris, each took a large stride up the rankings to reach the top 500, climbing 70 and 41 spots, respectively.
Here’s how Minnesota-based companies ranked altogether:
Walmart once again placed atop the full Fortune 500 list. The retailer reported upwards of half-a-trillion dollars in revenue last year, more than double that of Exxon Mobil, which ranked second. Berkshire Hathaway and Apple both moved down a spot to third and fourth, respectively. With UnitedHealth overtaking drug maker McKesson for the fifth position, CVS Health placed next in seventh, followed in order by Amazon.com, AT&T and General Motors. Notably, this was Amazon’s first year within the top 10.
Minnesota has added companies to the Fortune 500 list each of the last two years, yet this trend likely won’t continue into 2019. Mosaic, which placed in the 382nd spot, announced last week it would be relocating its headquarters to Florida. Twin Cities Business explored last year what potential impacts Minnesota would face if more Fortune 500 companies moved elsewhere.