SK Telecom (NYSE:SKM) Upgraded to Strong-Buy by Zacks Investment Research

SK Telecom (NYSE:SKM) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Wednesday, Zacks.com reports. The firm presently has a $26.00 target price on the Wireless communications provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.78% from the stock’s previous close.

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 analysts have also recently weighed in on the company. Morgan Stanley raised SK Telecom from an “equal weight” rating to an “overweight” rating in a research report on Monday, August 26th. JPMorgan Chase & Co. raised SK Telecom from a “neutral” rating to an “overweight” rating in a research report on Thursday, October 31st. Finally, ValuEngine cut SK Telecom from a “hold” rating to a “sell” rating in a research report on Monday. 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 presently has a consensus rating of “Buy” and an average target price of $26.00.

Shares of NYSE SKM traded down $0.10 during trading hours on Wednesday, hitting $23.26. 207,200 shares of the company’s stock were exchanged, compared to its average volume of 358,161. SK Telecom has a 1-year low of $21.22 and a 1-year high of $28.56. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.05 and a quick ratio of 1.02. The stock has a market capitalization of $14.96 billion, a price-to-earnings ratio of 5.22 and a beta of 0.35. The company’s 50-day moving average price is $22.37 and its 200-day moving average price is $23.13.

Several hedge funds and other institutional investors have recently bought and sold shares of SKM. Silchester International Investors LLP lifted its position in shares of SK Telecom by 11.4% during the 2nd quarter. Silchester International Investors LLP now owns 13,670,928 shares of the Wireless communications provider’s stock worth $338,355,000 after purchasing an additional 1,399,376 shares during the last quarter. Atria Investments LLC raised its holdings in SK Telecom by 4,716.5% in the 2nd quarter. Atria Investments LLC now owns 1,188,757 shares of the Wireless communications provider’s stock valued at $42,760,000 after acquiring an additional 1,164,076 shares in the last quarter. Morgan Stanley raised its holdings in SK Telecom by 204.4% in the 2nd quarter. Morgan Stanley now owns 947,161 shares of the Wireless communications provider’s stock valued at $23,441,000 after acquiring an additional 636,054 shares in the last quarter. Oldfield Partners LLP raised its holdings in SK Telecom by 18.3% in the 2nd quarter. Oldfield Partners LLP now owns 3,396,824 shares of the Wireless communications provider’s stock valued at $84,071,000 after acquiring an additional 526,650 shares in the last quarter. Finally, Holowesko Partners Ltd. raised its holdings in SK Telecom by 975.4% in the 2nd quarter. Holowesko Partners Ltd. now owns 306,500 shares of the Wireless communications provider’s stock valued at $7,586,000 after acquiring an additional 278,000 shares in the last quarter. 10.39% of the stock is owned by institutional investors and hedge funds.

SK Telecom Company Profile

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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