At Thursday's unveiling, he was joined by good friends George Lopez and Magic Johnson - plus dozens of other friends and family members who have been with Cedric along the way.
He specifically acknowledged all the people from his hometown of St. Louis who helped him achieve success since his comedy start 30 years ago.
"Long before the world came to know me as the chubby Denzel of comedy, St. Louis - performing in the clubs, the bars, the backyards - my hometown St. Louis was my proving ground," he recalled. "Often entertaining people for no money. Just, they said we'll pay you some wings, some Hennessy."
Cedric didn't disappoint fans by wearing one of his trademark hats to the ceremony.
He said always wearing a hat has become part of who he is.