Growing stock investors have been provided a great opportunity for buying stocks at a discount. The recent pull back in the overall market has created multiple discounted buying chances for a wide variety of stocks.

Wealthpire’s premium advisory Consensus Picks recently identified a strongly growing stock with great future potential during the selloff.

The stock initially produced profits for readers, then dropped back to the 50 day simple moving average.  This acted as textbook perfect support and shares bounced higher.

Here’s what the advisory saw to identify Hormel Foods as a growth stock:

This so called “defensive” food stock lived up to its reputation by pushing higher or staying relatively flat over the last week of heavy volatility.

In fact, this Consensus Picks stock has broken out of our Value Buy Zone, creating unrealized profits for active readers.

Consensus Picks reported shares of this food producing juggernaut shot from a low in the $44.00 area to a recent high of $52.00 per share.

Shares fell slipped from the highs during the first two days of the market sell off this week, but have stabilized in the $51.20 per share zone Wednesday.

The company recently reported better than expected quarterly results. Earnings were up by 21%, sales higher by 6% and projections are strong going through fiscal 2015.

Add in the fact that food companies are generally believed to be defensive plays in the face of a market selloff, there’s really little not to like about Hormel.

Action to Take:

Continue to hold longs.  Buying on the next pull back to the 50 day SMA is also a great risk reward trade.