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Just going to add this bit of trivia here, has no bearing on your rifle as it is a 340E, which is the last run of them that I can remember (meaning it's the "newest").

Back in the 1960's, was a run of Savage 340's in .222 that somehow ended up with a 1:16 twist barrel. Probably a slip up from old blanks in stock used for the .22 hornets. Those .222's have trouble stablizing 55gr. bullets. ALL that i've heard about were stamped with "house brands", with most being Montgomery Ward branded. your 340E isn't one of them, and while it may not like 55's, it doesn't send them tumbling.

Do like the little ugly 340's, but a .223 version was never in my safe. Had a couple of .22 hornet versions, 222 versions, 30-30's, and even one .225 (the 340V). Found them to respond well to playing around with that fore arm barrel band screw (it's not bedded like a normal rifle, has one action screw and a barrel band at the fore end ).

At one point, bought 3 ".22cal" (as described by the seller) sight unseen for a bottom dollar price. Turned out to be a .22 hornet, 223, and that .225. Never had a chance to shoot the .223 version before I was talked out of it...sold the .22 Hornet version to a trapper out of Houma, La....and considered the .225 version that I kept as "free" as the sale of the other 2 covered the cost of all 3.
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