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Activist Hedge Fund Starboard Value Offloads eBay, Buys Corteva

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Mohit Manghnani
·1 min read
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Activist hedge fund Starboard Value fund exited eBay Inc (NASDAQ: EBAY) in the third quarter of 2020, according to the fund's latest 13F filing. The fund sold 2.09 million shares it held in eBay, valued at $109.6 million in the second quarter. 

New Positions: Starboard initiated a new position in Corteva Inc (NYSE: CTVA), buying 11.71 million shares valued at $337.38 million as of Sept. 30. It's worth noting that the shares value $421.69 million, based on Friday's closing price of $36.01.

The fund bought 1.54 million units of the SPDR S&P 500 ETF (NYSE: SPY), valued at $517 million as of Sept. 30. The units value $552.9 million based on Friday's close.

Stake Increase: The fund more than doubled its stake in ACI Worldwide Inc (NASDAQ: ACIW), holding 4.9 million shares valued at $128.11 million as of Sept. 30.

Starboard increased its holding by 29.4% in Aecom (NYSE: ACM), valued at $323.5 million. Based on Friday's close, the holding is worth $382.8 million.

Stake Trim: The fund halved its holdings in NortonLifeLock Inc (NASDAQ: NLOK) to 12.49 million shares valued at $260.27 million, also trimming Advance Auto Parts, Inc. (NYSE: AAP) by 37.9% to 1.59 million shares valued at $245.13 million as of Sept. 30.

The fund also trimmed its Cerner Corporation (NASDAQ: CERN) shares by 10% to 2.38 million shares valued at $171.78 million as of Sept. 30.

Starboard's total portfolio holdings, excluding cash, were valued at $3.37 billion as of Sept. 30.

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