SK Telecom (SKM) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of SK Telecom (NYSE:SKM) from a buy rating to a hold rating in a research note published on Friday morning. The firm currently has $31.00 price target 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. “

Separately, Citigroup raised shares of SK Telecom from a neutral rating to a buy rating in a research note on Friday, December 1st. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $31.00.

Shares of SK Telecom (NYSE:SKM) traded up $0.80 during trading hours on Friday, reaching $28.06. 443,500 shares of the company’s stock traded hands, compared to its average volume of 436,600. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.90 and a current ratio of 0.94. SK Telecom has a 52 week low of $20.87 and a 52 week high of $28.76. The firm has a market cap of $17,833.39, a P/E ratio of 8.16, a P/E/G ratio of 1.09 and a beta of 0.42.

A number of large investors have recently made changes to their positions in SKM. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in SK Telecom during the 3rd quarter valued at $101,000. FNY Managed Accounts LLC acquired a new stake in SK Telecom during the 3rd quarter valued at $119,000. Fieldpoint Private Securities LLC acquired a new stake in SK Telecom during the 3rd quarter valued at $122,000. Bessemer Group Inc. raised its stake in SK Telecom by 66.9% during the 3rd quarter. Bessemer Group Inc. now owns 7,569 shares of the Wireless communications provider’s stock valued at $186,000 after purchasing an additional 3,033 shares during the period. Finally, Picton Mahoney Asset Management acquired a new stake in SK Telecom during the 2nd quarter valued at $194,000. 11.40% of the stock is currently owned by institutional investors.

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SK Telecom Company Profile

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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