Synopsys Inc. SNPS recently announced that its board of directors has replenished the company’s ongoing share-repurchase program to its limit of $500 million.Notably, the stock-repurchase program has been in effect since 2002 and the allotted capital has been refilled depending on the availability of funds. However, Synopsys is not obligated to buy back any specific number of shares and the program might be terminated depending on the company’s decision.In fiscal 2019, Synopsys repurchased stock worth $329 million and had bought back approximately $180 million worth of common stocks in the first-half of fiscal 2020. As of Apr 30, 2020, the company had $200 million remaining under its June 2019 share-repurchase authorization of $500 million. Synopsys, Inc. Price and Consensus Synopsys, Inc. price-consensus-chart | Synopsys, Inc. QuoteSynopsys completes its share-repurchase authorization through accelerated share repurchase (ASR) arrangements. So far in fiscal 2020, the company has entered into two different ASR arrangements of worth $100 million each. During the second-quarter fiscal 2020 earnings call, Synopsys had announced that it has returned approximately $2 billion since 2015, which is nearly 75% of the company’s free cash flow.Synopsys’ financial strength enables it to continue with the buyback program. As of Apr 30, 2020, the company’s cash and cash equivalents were $856 million. Its aggressive share-repurchase policies are anticipated to boost investor confidence. Synopsys’ strategy to return wealth to shareholders highlights its growth potential and stable liquidity position.We believe that apart from strategic investments, continued focus on such shareholder-friendly initiatives will further boost the company’s shares. Notably, Synopsys has rallied 32.5% in the year so far, outperforming the 18.3% gain of the industry it belongs to.Other companies that have a consistent record of returning value through share repurchases and dividend payments are Apple Inc. AAPL, Cisco CSCO and Electronic Arts Inc. EA.We believe apart from enhancing shareholder returns, these initiatives also raise the market value of the stock. Through share repurchases and dividend payouts, companies boost investor confidence, persuading them to either buy or hold the scrip.Currently, Synopsys carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Zacks Top 10 Stocks for 2020In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2020?Last year's 2019 Zacks Top 10 Stocks portfolio returned gains as high as +102.7%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.Access Zacks Top 10 Stocks for 2020 today >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cisco Systems, Inc. (CSCO): Free Stock Analysis Report Apple Inc. (AAPL): Free Stock Analysis Report Synopsys, Inc. (SNPS): Free Stock Analysis Report Electronic Arts Inc. (EA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research