Heat oil in a large Dutch oven over medium-high heat. Add mushrooms and shallots to pan; sauté 10 minutes or until mushrooms are lightly browned. Stir in sherry; cook 2 minutes or until liquid evaporates, stirring frequently.
Add broccoli and salt to pan; stir well. Stir in broth; bring to a boil. Cover and cook 5 minutes or until broccoli is crisp-tender. Stir in pepper.