NEW YORK (CNN/Money) - The initial public offering of Medco Health Solutions, a unit of Merck & Co., has been pushed to early next week and its price range has been cut, underwriters said Thursday.

Medco now plans to sell 46.7 million shares at $20-to-$22 each, down from $22-to-$24, via lead underwriters Goldman Sachs and J.P. Morgan.

Franklin Lakes, N.J.-based Medco is the pharmacy benefits management unit of Merck. The offering had been expected to price Thursday and trade Friday on the New York Stock Exchange under ticker symbol "MHS." The Wall Street Journal reported June 21 that Medco may have inflated its revenue by $4.6 billion by recording co-payments from patients to pharmacies, and the accounting problems could hurt prospects for the IPO. Medco would have raised as much as $1.1 billion before the price cut Thursday.

Merck (MRK: Research, Estimates) will hold 80 percent of Medco after the offering but expects to shed its remaining stake in a tax-free transaction a year after the IPO, the company said in a regulatory filing.

Separately, Hewitt Associates, a global provider of human resources outsourcing and consulting services, gained nearly 24 percent on the New York Stock Exchange Thursday.

Hewitt (HEW: Research, Estimates) shares closed at $23.50, adding $4.50 from its $19 IPO price.

Lincolnshire, Ill.-based Hewitt raised $211.9 million when it sold 11.15 million shares at $19 each, near the low end of its $18-to-$21 price range, via lead underwriter Goldman Sachs late Wednesday.

Hewitt is a global provider of consulting and human resources outsourcing services to clients such as Abbott Laboratories, Honeywell International Inc. and Continental Airlines Inc. The 62-year-old company started out as an insurance brokerage firm and now has 91 offices in 39 countries.

Goldman and J.P. Morgan both declined comment.