Which of the Following Is the Best Definition of the Target

Which of the following is the best definition of the target payout ratio?

A) Stocks attract particular groups based on dividend yield and the resulting tax effects.
B) Price range between highest and lowest prices at which a stock is traded.
C) A firm's long-term desired dividend-to-earnings ratio.
D) Common stock on which dividends and capital gains are repackaged and sold separately.
E) An increase in a firm's shares outstanding without any change in owner's equity.