Shortround6
Lieutenant General
This may be a misconception? The Pz IV was not intended to support infantry. It was intended to support the Pz III tanks when they ran into things that gave them trouble. Actual low production of the Pz III forced much larger numbers of Pz Is & IIs to see combat and the Pz IV had to shoulder more of the load. Pz IV was also supposed to fire smoke to screen the other tank units and accompanying infantry. The HE was to try to silence AT guns and fortifications, like pillboxes and trenches. Maybe these are infantry targets. Pz IVs were give some AP for when the Pz IIIs were not close. In the BoF the PZ IVs were often supporting Pz IIs with 20m guns and they had to do more tank fighting than had planned on in 1938-39.The Panzer IV, with it's short barrel (28 caliber) 7.5 cm gun, was intended to fire slow (385 m/s) HE shells against infantry targets.
A lot depends on what is meant by effective AT gun. Obviously making a hole in the target is the first thing. Hitting is pretty much the second thing and here both the PZ IV and the Semovente start running into problems. They have a short effective range. The Pz IV more so. The low velocity means a very curved trajectory due to the long time of flight. Effective range (chances of getting first round hit) may be between 400-500 meters unless the crew is very skilled. Shorter range for the German gun. A German Pak 40 might have an effective range almost double. If you are trying to fire at over 1000meters the Pak 40 might take 1-3 misses to get on target, the Low velocity rounds can take several more.The solution came with HEAT charges. With those, speed of the shell was no more a factor (a lower speed was even better) and even a short barreled howitzer became an effective AT gun. See, IE, the 75/18 model 34 Italian howitzer, that became the main gun of the Semovente 75/18 self-propelled gun.
This has nothing to do with how many rounds the guns can put into a certain size target at a certain range and everything to do with estimating (guessing) how far away the target is, how far off the 1st shot went and what is needed to correct things. Now we get away from the gun and sight itself and into who is tracking the shot (looking at the tracer?) and this man's ability to see where the round/s are going and give corrections to the gunner.
This also assumes both guns/tanks are stationary. Lobbing shells out that take 3 seconds to arrive instead of 2 seconds can really affect things shooting at even a slow-moving target.