SK Telecom (NYSE:SKM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.
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 equities research analysts have also recently weighed in on SKM. Morgan Stanley cut SK Telecom from an “overweight” rating to an “equal weight” rating in a research note on Thursday. Citigroup raised SK Telecom from a “neutral” rating to a “buy” rating in a research note on Friday, December 1st. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $31.00.
Several hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its stake in SK Telecom by 87.4% during the second quarter. Goldman Sachs Group Inc. now owns 332,588 shares of the Wireless communications provider’s stock valued at $8,538,000 after buying an additional 155,076 shares during the period. Stifel Financial Corp purchased a new stake in SK Telecom during the 3rd quarter valued at $1,066,000. FMR LLC raised its stake in SK Telecom by 3.7% during the 2nd quarter. FMR LLC now owns 1,764,724 shares of the Wireless communications provider’s stock valued at $45,300,000 after buying an additional 63,700 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in SK Telecom by 18.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 171,903 shares of the Wireless communications provider’s stock valued at $4,413,000 after buying an additional 26,728 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in SK Telecom during the 2nd quarter valued at $323,000. 11.40% of the stock is owned by institutional investors.
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About SK Telecom
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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