Adobe Acrobat allows the user to markup a PDF file in this fashion, however, it is quite expensive. Well, I'm happy to tell you that there is a free piece of software that allows the user to markup a PDF file in this fashion: PDF-Xchange Viewer.
PDF-Xchange Viewer allows you to highlight text, draw circles and other shapes, add sticky notes, strikeout and underline text.
PDF-Xchange Viewer is a free download.
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