According to the magic tools page, it states the following for Magic Shears: "Legend has it that the Magic enchantment on these Shears can give 5 pieces of wool per hit and x5 yield of Honey when used on Bee Hives!" Magic shears drop x5 honeycombs, not honey (by stating honey, it is assumed honey bottles)
Magic Shears now drop x5 Wool and 12 Honeycomb. This has been edited on the /cc description and the wiki and is all correct and accurate now.