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Best Buy to pitch investors on push into health care

The Street logo The Street 9/24/2019 Scott Van Voorhis
a group of people walking on a city street: Best Buy to Pitch Investors on Push Into Healthcare© TheStreet Best Buy to Pitch Investors on Push Into Healthcare

New Best Buy CEO Corie Barry is preparing to escalate the electronics chain's growing push into health care, with the retailer slated to detail its plans at its investor meeting on Wednesday.

Well-known for its sales of computers and everything electronic, Best Buy is now targeting the trillions spent by consumers on health items, with plans for health monitoring systems for seniors, fitness machines and other gadgets, Bloomberg reported.

Best Buy's push into health care won a big endorsement on Monday, with analysts at Morgan Stanley arguing the retailer's plans could give a boost to both its revenue and stock price.

The electronics chain could reap anywhere from $11 billion to $46 billion in new revenue, analysts at the firm noted.

Best Buy, in turn, already has spent more than $1 billion on its push into health care. The electronics chain last year shelled out $800 million in cash for Great Call, which provides health and emergency response services to seniors.

In its announcement of the deal, the retailer noted it was part of a larger "Best Buy 2020" strategy aimed at "addressing the growing needs of the aging population with the help of technology products, services and solutions."

Related video: Here are the challenges Best Buy faces going forward

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This article was originally published by TheStreet.

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