SK Telecom (NYSE:SKM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The firm currently has a $31.00 target price on the Wireless communications provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 11.83% from the company’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 analysts have also recently issued reports on SKM. Morgan Stanley reissued an “equal weight” rating on shares of SK Telecom in a research report on Thursday. Citigroup raised shares of SK Telecom from a “neutral” rating to a “buy” rating in a research report on Friday, December 1st. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $31.00.
Several institutional investors and hedge funds have recently modified their holdings of the company. Parametric Portfolio Associates LLC lifted its position in shares of SK Telecom by 12.6% during the third quarter. Parametric Portfolio Associates LLC now owns 1,373,261 shares of the Wireless communications provider’s stock worth $33,768,000 after purchasing an additional 153,976 shares in the last quarter. Fieldpoint Private Securities LLC acquired a new stake in shares of SK Telecom during the third quarter worth about $122,000. Sterling Capital Management LLC acquired a new stake in shares of SK Telecom during the third quarter worth about $216,000. Cubist Systematic Strategies LLC lifted its position in shares of SK Telecom by 110.3% during the third quarter. Cubist Systematic Strategies LLC now owns 26,459 shares of the Wireless communications provider’s stock worth $651,000 after purchasing an additional 13,876 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of SK Telecom during the third quarter worth about $2,227,000. 11.40% of the stock is currently owned by institutional investors and hedge funds.
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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