Shares of SK Telecom Co. (NYSE:SKM) gapped down prior to trading on Wednesday . The stock had previously closed at $22.55, but opened at $22.58. SK Telecom shares last traded at $22.86, with a volume of 565,184 shares.

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

The firm has a 50 day moving average of $20.87 and a 200 day moving average of $20.07. The firm has a market capitalization of $14.53 billion and a price-to-earnings ratio of 10.28.

Other institutional investors have added to or reduced their stakes in the company. Morgan Stanley boosted its position in 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 in the last quarter. Wells Fargo & Company MN boosted its position in SK Telecom by 26.4% in the fourth quarter. Wells Fargo & Company MN now owns 412,499 shares of the company’s stock worth $8,311,000 after buying an additional 86,109 shares in the last quarter. Sei Investments Co. boosted its position in 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 in the last quarter. Finally, Advisors Asset Management Inc. boosted its position in SK Telecom by 11.2% in the fourth quarter. Advisors Asset Management Inc. now owns 66,669 shares of the company’s stock worth $1,343,000 after buying an additional 6,688 shares in the last quarter.

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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