Symantec sold its Enterprise Security division to Broadcom effective November 4, 2019, then changed its name to NortonLifeLock and its ticker symbol to NLOK.
Normally this would be a simple name change of Symantec to NortonLifeLock using the Update Security Settings in the software. However, due to some reports of problems with past price per share entries when a name change is done in this manner, we recommend using the merger transaction to accomplish the name change. In this case the merger transaction will also cause the return calculation for NortonLifeLock on the Valuation Statement to begin on the name change date. Since the sale of a major portion of the company goes with the name change the new company is significantly different than the old company and tracking performance from the name change date may make more economic sense.
The Merger Entry
Go to Transactions > Merger or Accounting > Securities > Record merger of securities depending on the version of the software being used. If you are unfamiliar with merger transactions you can get help at this URL: https://www.iclub.com/support/kb/default.asp?page=normal_merger
Here is the information needed for SunTrust shareholders to complete the merger.
Old Security or Merging Company: Symantec Corp (SYMC)
Price per share of old Security / SYMC: Use 23.75, if needed
Cash received: This should be kept blank.
New Security: NortonLifeLock (NLOK)
New Security Price: 23.75 (Closing price on 11/4/2019)
Shares received : 1.0 x (#of SYMC shares owned).
(Remember to include fractional shares.)
For example, if you owned 100 SYMC shares, you should receive 1.0 x 100 = 100 NLOK shares.
Save the transaction and the merger/name change has been entered.