Activist Hedge Fund Starboard Value Offloads eBay, Buys Corteva

Activist hedge fund Starboard Value fund exited eBay Inc 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 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 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 ACIW, holding 4.9 million shares valued at $128.11 million as of Sept. 30.

Starboard increased its holding by 29.4% in Aecom 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 NLOK to 12.49 million shares valued at $260.27 million, also trimming Advance Auto Parts, Inc. 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 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.