I'm assuming this is just the standard blued sporter?
If so, before you try anything else, free float the barrel, and bed the recoil lug, tang, and the area under the action behind the bolt lugs. I know this goes against the grain of what's normally recomended on a light sporter rifle in any caliber, but it definately helps these Hornets. If you've never done a bedding job, get somebody with some experience, because on this gun, you can definately make a mess of it pretty easily if you're not familiar with them. A little bit of bedding compound goes a long way on this one.
I know this particular rifle has a less than great reputation for accuracy, but I've owned several of them, and they "can" be made to shoot without having to spend lots of money, or do outrageous modifications to them.
Do you handload? If so move away from the lighter stuff, and load up some 50g bullets. Almost every one I've owned, including my current one, as well as my sons current one, prefered 50g bullets over anything else. If you don't load your own, try Winchester 46g HPs in factory ammo before you give up, because that load has been more consistantly accurate in at least a dozen or more Hornets than any other factory ammo I've tried.
A good trigger job also does wonders for these light, slim rifles as far as making them easier to shoot accurately.