The timepiece I've just recently acquired has gotten the Secret Round perk which states: missing a shot from this weapon's burst will fire a fourth shot. This implies it fires three shots when on target, but mine is only firing 2 shots on a direct hit, and three when I miss all of them. This gun seems like it would be good but it isn't firing properly and it sucks at the moment.
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Secret round doesn't do what it says. What the thing actually does is similar to Phantom Gift on the Word of Crota. If you fire a full burst into an enemy, it gives you a bullet back. So your three shots only use 2 ammo