59,216 Shares in SK Telecom Co., Ltd. $SKM Bought by Frank Rimerman Advisors LLC

Key Points

• Frank Rimerman Advisors LLC initiated a new position in SK Telecom Co., Ltd. during the first quarter, buying 59,216 shares valued at about $1.734 million.
• Several other institutional investors also increased their SK Telecom holdings, including Millennium Management, Robeco, JPMorgan Chase, UBS, and Citadel, signaling continued hedge fund interest in the stock.
• Analyst sentiment remains cautious overall: SK Telecom has an average rating of "Reduce", even though recent reports included one upgrade to Buy and the company beat EPS expectations in its latest earnings release.

Frank Rimerman Advisors LLC purchased a new position in SK Telecom Co., Ltd. (NYSE:SKM - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 59,216 shares of the Wireless communications provider's stock, valued at approximately $1,734,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Millennium Management LLC raised its position in SK Telecom by 202.4% in the 4th quarter. Millennium Management LLC now owns 606,347 shares of the Wireless communications provider's stock worth $12,448,000 after purchasing an additional 405,863 shares during the period. Robeco Institutional Asset Management B.V. grew its holdings in shares of SK Telecom by 17.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,462,769 shares of the Wireless communications provider's stock worth $50,561,000 after purchasing an additional 374,428 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of SK Telecom by 80,378.7% in the fourth quarter. JPMorgan Chase & Co. now owns 328,353 shares of the Wireless communications provider's stock worth $6,741,000 after purchasing an additional 327,945 shares during the last quarter. UBS Group AG increased its stake in SK Telecom by 215.4% in the 4th quarter. UBS Group AG now owns 426,729 shares of the Wireless communications provider's stock worth $8,761,000 after buying an additional 291,418 shares during the period. Finally, Citadel Advisors LLC bought a new stake in SK Telecom during the 3rd quarter valued at about $4,319,000.

Wall Street Analysts Forecast Growth

SKM has been the topic of a number of research analyst reports. Weiss Ratings downgraded shares of SK Telecom from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, May 27th. HSBC raised shares of SK Telecom from a "reduce" rating to a "hold" rating in a research note on Thursday, May 7th. Wall Street Zen upgraded SK Telecom from a "hold" rating to a "buy" rating in a report on Saturday, July 4th. Finally, Zacks Research raised SK Telecom from a "strong sell" rating to a "hold" rating in a research note on Tuesday, May 26th. Four analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce".

SK Telecom Stock Performance

SKM stock opened at $32.32 on Thursday. SK Telecom Co., Ltd. has a 1-year low of $19.66 and a 1-year high of $47.18. The business has a 50-day moving average price of $36.88 and a 200 day moving average price of $31.35. The company has a market capitalization of $12.40 billion, a P/E ratio of 53.87, a PEG ratio of 0.19 and a beta of 0.63. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.18 and a quick ratio of 1.15.

SK Telecom (NYSE:SKM - Get Free Report) last issued its earnings results on Friday, May 8th. The Wireless communications provider reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.10. The company had revenue of $2.92 billion for the quarter, compared to analysts' expectations of $2.98 billion. SK Telecom had a net margin of 2.03% and a return on equity of 2.78%. As a group, equities research analysts forecast that SK Telecom Co., Ltd. will post 2.76 EPS for the current fiscal year.

SK Telecom Company Profile

SK Telecom Co, Ltd. NYSE: SKM is South Korea's largest wireless carrier, offering a comprehensive range of mobile telecommunications services. The company operates 5G, 4G LTE and IoT networks, providing voice, data and messaging solutions to consumers and businesses. Beyond traditional wireless services, SK Telecom delivers fixed-line broadband, digital content platforms, cloud computing and cybersecurity offerings designed to support enterprise digital transformation and the growing demand for high-speed connectivity.

Established in 1984 as Korea Mobile Telecommunications Services, SK Telecom pioneered cellular service commercialization in South Korea and has continually expanded into new technology areas.

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