BlackRock Inc. lowered its stake in shares of SK Telecom Co Ltd (NYSE:SKM) by 82.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 224,403 shares of the Wireless communications provider’s stock after selling 1,045,491 shares during the quarter. BlackRock Inc.’s holdings in SK Telecom were worth $5,233,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BB&T Corp grew its position in SK Telecom by 21.4% in the 2nd quarter. BB&T Corp now owns 38,663 shares of the Wireless communications provider’s stock valued at $902,000 after acquiring an additional 6,805 shares during the last quarter. Aperio Group LLC grew its position in SK Telecom by 2.7% in the 2nd quarter. Aperio Group LLC now owns 1,145,200 shares of the Wireless communications provider’s stock valued at $26,706,000 after acquiring an additional 30,117 shares during the last quarter. Assetmark Inc. grew its position in SK Telecom by 2.4% in the 2nd quarter. Assetmark Inc. now owns 540,518 shares of the Wireless communications provider’s stock valued at $12,605,000 after acquiring an additional 12,917 shares during the last quarter. Bank of New York Mellon Corp bought a new position in SK Telecom in the 2nd quarter valued at $7,030,000. Finally, Intercontinental Wealth Advisors LLC bought a new position in SK Telecom in the 2nd quarter valued at $356,000. 10.61% of the stock is currently owned by hedge funds and other institutional investors.
Separately, HSBC raised SK Telecom from a “hold” rating to a “buy” rating in a research report on Friday, October 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $30.00.
Shares of SKM stock opened at $26.07 on Friday. SK Telecom Co Ltd has a twelve month low of $22.66 and a twelve month high of $28.97. The firm has a market capitalization of $16.69 billion, a price-to-earnings ratio of 7.12, a PEG ratio of 0.39 and a beta of 0.48. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.36 and a quick ratio of 1.31.
SK Telecom (NYSE:SKM) last issued its earnings results on Friday, September 14th. The Wireless communications provider reported $1.33 earnings per share for the quarter. SK Telecom had a return on equity of 20.22% and a net margin of 18.28%. The business had revenue of $3.86 billion during the quarter. As a group, equities analysts forecast that SK Telecom Co Ltd will post 4.21 EPS for the current year.
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About SK Telecom
SK Telecom Co, Ltd. provides wireless telecommunication services in South Korea. The company operates in four segments: Cellular Services, Fixed-Line Telecommunication Services, E-Commerce Services, and Other Businesses. The Cellular Services segment offers wireless voice transmission and data transmission services; cellular global roaming services; interconnection services to connect its networks to fixed-line and other wireless networks; Internet of Things solutions; and platform services, as well as sells wireless devices, including smartphones and basic phones, tablets and other Internet access devices, and wearable devices.
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