It's my considered opinion (and experience) that a keyholed target will not display a "hole" or perforation any longer than the over all length of the bullet in question, especially when that bullet strikes a well supported paper target. If your bullet strikes were an inch and a half long, the paper was tearing for sure. Your bullets may have also been keyholing, but unless you back your paper targets with cardboard or something more solid, you can not tell for sure. The only perforation that a bullet can leave in a well backed target will be a round hole that matches bullet diameter or a perforation that reflects the position of the bullet between straight head on and completely sideways. A wad cutter will leave a rectangular perforation. Other bullet shapes will reflect all or a portion of their profile if they strike other than straight head on. Round nose lead will leave a lead smear bullet caliber size with tiny tears from the center outward toward the edge of the perforation. I suspect you have a combination of barrel leading and poorly backed paper target.