SK Telecom Co. (NYSE:SKM) dropped 1.6% during trading on Wednesday . The stock traded as low as $21.33 and last traded at $21.37, with a volume of 280,073 shares. The stock had previously closed at $21.71.

Separately, HSBC downgraded shares of SK Telecom from a “buy” rating to a “hold” rating in a report on Wednesday, April 27th.

The firm has a 50-day moving average of $20.68 and a 200 day moving average of $19.98. The stock has a market capitalization of $14.06 billion and a P/E ratio of 9.89.

A number of hedge funds and institutional investors have made changes to their positions in the stock. Sei Investments Co. boosted its position in shares of SK Telecom by 119.2% in the fourth quarter. Sei Investments Co. now owns 72,021 shares of the company’s stock worth $1,451,000 after buying an additional 39,162 shares during the period. TD Asset Management Inc. boosted its position in shares of SK Telecom by 0.3% in the fourth quarter. TD Asset Management Inc. now owns 277,600 shares of the company’s stock worth $5,594,000 after buying an additional 800 shares during the period. Baillie Gifford & Co. boosted its position in shares of SK Telecom by 312.8% in the fourth quarter. Baillie Gifford & Co. now owns 156,374 shares of the company’s stock worth $3,151,000 after buying an additional 118,494 shares during the period. Morgan Stanley boosted its position in shares of SK Telecom by 117.8% in the fourth quarter. Morgan Stanley now owns 455,543 shares of the company’s stock worth $9,180,000 after buying an additional 246,346 shares during the period. Finally, Silchester International Investors LLP boosted its position in shares of SK Telecom by 3.5% in the fourth quarter. Silchester International Investors LLP now owns 13,071,976 shares of the company’s stock worth $263,400,000 after buying an additional 447,600 shares during the period.

SK Telecom Co, Ltd. is a wireless telecommunications service provider. The Company offers the following core services: Cellular voice services; Wireless data services; Broadband Internet, Internet Protocol television (IPTV) and fixed-line telephone services, and New businesses. The Company provides wireless voice transmission and wireless global roaming services.

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