NEW YORK (TheStreet) -- Shares of Starbucks Corp. (SBUX) are down 1.45% to $75.02 in heavy market trading after it was reported that an investment firm sold 6.2 million shares of the company between yesterday's close and today's session, sources told the Wall Street Journal.
Bank of America Merrill Lynch (BAC) facilitated the sale by buying the entire position and re-offering it to clients for $75.15, sources added, for a deal value of $469 million.
Bank of America had no comment.
Buyers in the trade got a 1.3% discount to Starbucks' Thursday close. Banks running these so-called "block trades" typically offer the shares at a discount to where the stock had recently traded, in order to quickly lure buyers for a large chunk of stock, the Journal said.
The past 30 days, an average 3.1 million Starbucks shares have traded daily, according to FactSet.
The seller's identity and reason for selling weren't clear. Starbucks' shares are down 3.9% this year, versus a 7.6% gain for the S&P 500, the Journal noted.
TheStreet Ratings team rates STARBUCKS CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate STARBUCKS CORP (SBUX) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and growth in earnings per share. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."