Before the elimination of the broker vote, which type of company, would have made an easier target

Question:

Before the elimination of the vote, which type of company, would have made an easier target for an activist investor and why: a company with mostly large institutional shareholders, or one with many small retail shareholders?

Broker
A broker is someone or something that acts as an intermediary third party, managing transactions between two other entities. A broker is a person or company authorized to buy and sell stocks or other investments. They are the ones responsible for...