4 RI companies land on Fortune 500 list; CVS ranks 7th

(AP Photo/Wilfredo Lee)

PROVIDENCE, R.I. (WPRI) – Four of the largest companies headquartered in Rhode Island made the annual Fortune 500 list released Wednesday, with a fifth closing in on the rankings as well.

After years of robust expansion, Woonsocket-based CVS Health once again made the Top 10, ranking No. 7 for the second year in a row. CVS had $178 billion in revenue and 204,000 employees in 2016, according to Fortune.

“CVS Health continued its multi-year transformation from pharmacy company to health care company as the ‘retailization’ of health trend continues in the United States,” the magazine explained. “The company spent the year integrating its 2015 acquisition of Omnicare and the pharmacies and clinics of Target and focused on managing rising drug costs.”

“Still, ongoing uncertainty around health care reform in the U.S. is weighing on the company, and CVS Health expects to close stores as it rationalizes its now-larger footprint,” the magazine added.

The Fortune 500 has ranked America’s largest public companies based on their annual revenue every year since 1955. The other three Rhode Island corporations making the list this year are Textron (No. 200), United Natural Foods (No. 325) and Citizens Financial Group (No. 451).

Bubbling under the main list is Pawtucket-based toymaker Hasbro, which has been on a hot streak. Fortune ranked Hasbro No. 509. Two other Rhode Island companies also made the longer Fortune 1,000 list: insurers FM Global (No. 557) and Amica Mutual Insurance (No. 834).

Ted Nesi (tnesi@wpri.com) covers politics and the economy for WPRI.com. He writes Nesi’s Notes on Saturdays and hosts Executive Suite. Follow him on Twitter and Facebook