RBC Unloads Significant Stake in Amcor Amid Dividend Concerns

Royal Bank of Canada (RBC) has reduced its stake in Amcor PLC ($AMCR) by a significant margin. According to the bank's most recent 13F filing with the SEC, RBC sold 5,024,147 shares during the first quarter, decreasing its position in Amcor by 74.4%. This sale brings RBC's total holding of Amcor shares to 1,728,266.

The value of RBC's remaining stake is approximately $68.7 million, which accounts for about 0.37% of Amcor's outstanding shares. Other hedge funds and institutional investors own a combined 45.14% of the company's stock.

Amcor has recently declared a quarterly dividend of $0.65 per share, paid on June 17th to shareholders of record as of May 28th. The company's dividend payout ratio is currently 181.82%, indicating that it may be under pressure to maintain its dividend payments amid market fluctuations.