The annual Fortune 500 list is out, and Minnesota claims 20 companies on the magazine's annual list of the largest public companies.

That's one fewer than last year, after PepsiAmericas Inc. was acquired by PepsiCo in March 2010.

Based on population, Minnesota once again is the state with the highest concentration of Fortune 500 companies.

UnitedHealth Group Inc. topped the state's list, with $94 billion in revenue, and ranked 22 overall. Target Corp. was next, ranking 33rd on the list.

Fortune's list includes the state's two large cooperatives CHS (sixth-largest in Minnesota, 103rd on the Fortune 500) and Land O'Lakes (10th and 218th) and Thrivent Financial for Lutherans (14th and 318th). Thrivent is a not-for-profit financial services membership organization that makes statutory filings and is eligible for the Fortune list. Thrivent moved up 24 spots, after ranking 342 last year, the third-biggest improvement by a Minnesota company. Another financial services firm, Ameriprise, had the biggest jump among Minnesota companies moving up 42 spots to 246. Transportation and logistics company C.H. Robinson of Eden Prairie moved up 36 spots to 265.

Fertilizer producer Plymouth-based Mosaic Co. dropped the furthest among Minnesota companies, falling 115 spots to 346 on Fortune's overall list.

New York, California and Texas are home to the most Fortune 500 companies with over 50 each (New York 57, California 53, Texas 51).

Minnesota is tied with New Jersey and Virginia with 20 companies each.