I've taken over 100 coyotes with the 20 caliber since getting my first 204. It is a custom bolt gun built on a Ruger action with a Pac Nor 1 in 10 twist barrel. I was told thats preferable to the 1 in 12 for the heavy bullets. I almost always used the 45gr Hornady SP and it's still my first choice. I have used the 40gr V max enough to know I'm not a huge fan for coyotes. It does great unless it hits bone, but on called coyotes I don't always get to pick my angles perfectly. I've had it splash on the shoulder and found it lacks penetration for a yote that's running away. I've also had it make a fist size hole in the front center of the chest of a coyote I called in close. My bolt gun really shoots them well especially in the hot Superformance factory loads. I shoot them from it now most of the time for smaller varmints and use the 204 AR for calling.
My second 204 is an AR with an upper built by Predator Technologies with a 1 in 9 twist barrel 22" long. It gets 3325fps with the Hornady 45gr factory loads and shoots them into a ragged hole. I just got it all set up late last year and have only taken 5 coyotes with it up to now, but it's doing a fine job.
That 45 gr Hornady might exit on occasion but it's tough enough to take a shot at a second coyote as it runs away, a shot you need some penetration for. It might make the difference between taking a double or not having a bullet that can do that. If it does exit it's a small easily managed exit wound. I hope to get to try one on a bobcat but haven't yet had that opportunity.