SK Telecom (NYSE:SKM) Rating Increased to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of SK Telecom (NYSE:SKM) from a hold rating to a strong-buy rating in a research report report published on Wednesday morning, Zacks.com reports. The firm currently has $26.00 target price on the Wireless communications provider’s stock.

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. “

Several other research analysts also recently issued reports on SKM. JPMorgan Chase & Co. upgraded shares of SK Telecom from a neutral rating to an overweight rating in a research note on Thursday, October 31st. ValuEngine downgraded shares of SK Telecom from a hold rating to a sell rating in a research note on Monday, November 4th. Finally, Morgan Stanley upgraded shares of SK Telecom from an equal weight rating to an overweight rating in a research note on Monday, August 26th. One research analyst has rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $26.00.

Shares of NYSE SKM traded down $0.10 during midday trading on Wednesday, hitting $23.26. The stock had a trading volume of 204,246 shares, compared to its average volume of 358,161. The business’s 50 day moving average is $22.37 and its 200-day moving average is $23.13. The company has a market cap of $14.96 billion, a P/E ratio of 5.22 and a beta of 0.35. SK Telecom has a 52 week low of $21.22 and a 52 week high of $28.56. The company has a quick ratio of 1.02, a current ratio of 1.05 and a debt-to-equity ratio of 0.39.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lenox Wealth Management Inc. raised its holdings in shares of SK Telecom by 1.8% during the third quarter. Lenox Wealth Management Inc. now owns 30,454 shares of the Wireless communications provider’s stock valued at $676,000 after purchasing an additional 545 shares during the last quarter. Cornerstone Advisors Inc. raised its holdings in shares of SK Telecom by 11.9% during the second quarter. Cornerstone Advisors Inc. now owns 5,435 shares of the Wireless communications provider’s stock valued at $135,000 after purchasing an additional 579 shares during the last quarter. Wetherby Asset Management Inc. raised its holdings in shares of SK Telecom by 1.7% during the third quarter. Wetherby Asset Management Inc. now owns 35,989 shares of the Wireless communications provider’s stock valued at $799,000 after purchasing an additional 599 shares during the last quarter. Brandywine Oak Private Wealth LLC raised its holdings in shares of SK Telecom by 4.9% during the third quarter. Brandywine Oak Private Wealth LLC now owns 12,941 shares of the Wireless communications provider’s stock valued at $287,000 after purchasing an additional 607 shares during the last quarter. Finally, Lindbrook Capital LLC raised its holdings in shares of SK Telecom by 24.4% during the second quarter. Lindbrook Capital LLC now owns 3,171 shares of the Wireless communications provider’s stock valued at $78,000 after purchasing an additional 622 shares during the last quarter. 10.39% of the stock is owned by hedge funds and other institutional investors.

About SK Telecom

SK Telecom Co, Ltd. provides wireless telecommunication services in South Korea. It operates in four segments: Cellular Services, Fixed-Line Telecommunication Services, E-Commerce Services, and Other Businesses. The Cellular Services segment offers wireless voice and data transmission services; cellular global roaming services; interconnection services; Internet of Things solutions; and platform services, as well as sells smartphones and basic phones, tablets and other Internet access devices, and wearable devices.

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