Zacks Investment Research Downgrades SK Telecom Co Ltd (SKM) to Hold

Zacks Investment Research lowered shares of SK Telecom Co Ltd (NYSE:SKM) from a strong-buy rating to a hold rating in a research report sent to investors on Thursday morning.

According to Zacks, “SK Telecom Co. is the world’s first commercial CDMA digital cellular service. As of September 30, 1997, they have provided the highest quality service for more than 4 million cellular customers which includes 2.3 million digital cellular customers, and 7.1 million paging customers. “

SK Telecom Co (NYSE:SKM) traded up 0.852% during midday trading on Thursday, reaching $24.265. The company’s stock had a trading volume of 105,981 shares. SK Telecom Co has a 1-year low of $18.93 and a 1-year high of $26.07. The firm has a market cap of $15.44 billion, a price-to-earnings ratio of 10.536 and a beta of 0.60. The company has a 50 day moving average price of $24.41 and a 200 day moving average price of $22.34.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SKM. Kanaly Trust Co raised its position in SK Telecom Co by 0.5% in the third quarter. Kanaly Trust Co now owns 4,674 shares of the Wireless communications provider’s stock worth $106,000 after buying an additional 25 shares in the last quarter. Geneva Advisors LLC raised its position in SK Telecom Co by 0.3% in the third quarter. Geneva Advisors LLC now owns 13,111 shares of the Wireless communications provider’s stock worth $296,000 after buying an additional 45 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. raised its position in SK Telecom Co by 6.3% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,379 shares of the Wireless communications provider’s stock worth $114,000 after buying an additional 318 shares in the last quarter. Manning & Napier Advisors LLC raised its position in SK Telecom Co by 0.9% in the third quarter. Manning & Napier Advisors LLC now owns 104,916 shares of the Wireless communications provider’s stock worth $2,370,000 after buying an additional 912 shares in the last quarter. Finally, Atria Investments LLC raised its position in shares of SK Telecom Co by 8.9% in the first quarter. Atria Investments LLC now owns 11,190 shares of the Wireless communications provider’s stock worth $282,000 after buying an additional 912 shares in the last quarter. 11.35% of the stock is owned by hedge funds and other institutional investors.

About SK Telecom Co

SK Telecom Co, Ltd. provides wireless telecommunications in Korea. The Company is engaged in the commercial development and implementation of wireless and fixed-line technologies and services, as well as develop its platforms, including Internet of things (IoT) solutions, lifestyle enhancement and advanced media.

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