Two companies based in Minnesota can say they’re among the most admired firms in the country, after making it onto Fortune magazine’s annual rankings.
3M and Target make Fortune’s “All-Star” list of the top 50 most admired companies in the U.S., with Maplewood-based 3M ranked 23rd and Minneapolis’ Target in 44th (two spots behind Walmart – boo).
3M made it back into the top 50 after previously dropping out, and one of the companies making way was Wells Fargo, which dropped off the list after a terrible year in which it was revealed it had been opening new accounts on behalf of customers without their knowledge.
Also dropping out of the top 50 is Samsung, whose exploding Galaxy 7 notepads has seen its reputation take a serious hit among industry bigwigs.
Why 3M and Target ranked highly
Candidates for the list are initially identified by their revenue to identify the most successful companies in each industry, and then ranked based on feedback from the country’s executives, directors and analysts.
Other Minnesota-linked companies mentioned in the rankings include Minneapolis-based U.S. Bank, which came first in the “Most admired super-regional bank” category but didn’t crack the top 50, while Delta Air Lines ranked 31st overall.
3M scored highly among industry experts for its innovation within the medical products equipment field, ranking number one in the industry in a year it opened a $150 million research and development center on its Maplewood campus. It also ranked first for “financial soundness.”
Target meanwhile got its highest score in the “social responsibility” category, ranking first among general merchandise companies, and also scored highly for quality of products, innovation and people management.
For the 10th year in a row, the most admired companies list was topped by tech giant Apple, which finished ahead of Amazon, Starbucks, Berkshire Hathaway and Disney.