Cook broccoli according to package directions; drain and transfer to a greased 3-qt. baking dish.
Meanwhile, in a large saucepan, melt 1/4 cup butter. Stir in flour and bouillon. gradually add milk. Bring to a boil. Reduce heat; cook and stir for 2 minutes or until thickened and bubbly. Pour over broccoli.
In a large saucepan, melt the remaining butter. Add the water, stuffing and walnuts; mix well. Spoon over the broccoli. Bake, uncovered, at 375 degrees F for 20-25 minutes or until stuffing is lightly browned.