17 Minnesota companies make Fortune 500 list, up 2 from last year

Minnesota is back up to 17 companies on the annual Fortune 500 list of publicly traded companies in the U.S.

However, many of the companies slipped on the list, either because their revenue slid or others had big growth years. There is always churn from year to year; last year, only 15 of Minnesota’s companies made the list.

Minnetonka-based UnitedHealth Group is the highest-ranking Minnesota company at No. 4, up a spot compared with a year ago, with annual 2023 revenue of $371.6 billion. UnitedHealth, which offers health insurance, administrative and other health services, topped the Star Tribune 50 list of the largest publicly held companies run from Minnesota.

Minneapolis-headquartered U.S. Bancorp climbed 42 spots to 107th, and Ameriprise Financial 35 spots to 254th.

But Eden Prairie’s C.H. Robinson, one of the world’s largest third-party logistics companies, slipped 73 spots to 233rd as it deals with an industrywide freight recession. Electronics chain Best Buy, 3M, Xcel Energy, Hormel Foods and Polaris also fell in the rankings.

While the Star Tribune 50 only includes companies that trade on public stock markets, the Fortune 500 also includes mutual holding companies and cooperatives, so more Minnesota companies are eligible.

Agricultural cooperative CHS, for example, is ranked 97th. Land O’Lakes is ranked 245th, Thrivent Financial 405th and Securian Financial Group 462nd.

Minnesota also claims three of the 49 companies that have been on the list for all 70 of its existence: 3M, General Mills and Hormel.

This year’s list also includes Target, Ecolab and Fastenal.

Minnesota generally has more companies per capita on the list than many other states, and this year is no exception. For example, Colorado has nine, Michigan 16, Iowa two, Wisconsin eight. The Dakotas do not have any companies on the list.