This is the 18217th most frequent Russian word.
чествуют
"Honor" or "celebrate."
Here, 'чествуют' is used to indicate the act of paying respect or homage to the heroes in question.
Сегодня все чествуют героев национального праздника.
Today, everyone honors the heroes of the national holiday.
The word 'чествуют' in this sentence communicates the recognition and celebration of the musicians' achievements.
На концерте чествуют выдающихся музыкантов.
At the concert, outstanding musicians are being honored.
In this context, 'чествуют' illustrates the formal acknowledgment and celebration of the students' success.