Minnesota has 16 companies in this year's edition of the Fortune 500, with UnitedHealth Group ranked No. 7.
The list always has a certain amount of churn in its rankings, and this year is no exception. Last year, 17 Minnesota companies were ranked. Two companies fell off the list, one returned.
Minnetonka-based UnitedHealth is Minnesota's largest company, and it fell a spot in the rankings because CVS Health jumped to No. 5 after its $69 billion acquisition of Aetna.
Next year, the print and online magazine expects even more change in the rankings as the outbreak of COVID-19 wreaks havoc with companies' bottom lines, some more than others.
This is Fortune's 66th annual list of the largest companies. The list is ranked by annual revenue and includes companies based in the United States that report financial statements with a government agency. It includes public companies but also mutual holding companies, nonprofits and cooperatives.
Companies at the top of the rankings besides CVS and UnitedHealth were Walmart, Amazon, ExxonMobil, Apple and Berkshire Hathaway.
St. Paul-based Securian Financial returned to the list after making its debut in the 2018 edition of the Fortune 500. It just missed in 2019 with a ranking of 506. This year, it's listed at No. 455, with $6.6 billion in annual revenue, up 20% from the previous year.
The previous year's list also included Mosaic Co. and Supervalu as Minnesota companies. Supervalu was acquired by United Natural Foods Inc. for $2.9 billion. The deal officially closed in October 2018, but Supervalu was still listed on Forbes' 2019 list.
United Natural Foods, based in Providence, R.I., used the addition of Supervalu to increase its ranking to No. 133, up 177 spots.
Mosaic, a producer of phosphate and potash fertilizers, moved its headquarters from Plymouth to Tampa, Fla., taking its ranking of No. 356 with it.
Besides UnitedHealth and Securian, the Minnesota companies on the list were: Target, 37; Best Buy, 75; 3M, 103; CHS, 105; U.S. Bank, 113; General Mills, 192; CH Robinson, 208; Ecolab, 213; Land O'Lakes, 232; Ameriprise, 245; Xcel Energy, 276; Hormel Foods, 337; Thrivent, 368; and Polaris, 442.
On the cusp of making the list were Mendota Heights-based Patterson Cos., which ranked 507th, and Winona-based Fastenal Co. at 525th. Ranked No. 500 was Ohio-based Huntington Bancshares, posting more than $5.6 billion in annual revenue.
Not included is Medtronic PLC, which has annual revenue of $30.6 billion and is based in Ireland, although it is mainly run out of Fridley.