not sure, but here some links. the black-white photo don´t show the color which you would need to know for this....
but it looks like that it was this one in red > Scharlachrot
(bright red). it can possible fit for Honved.... Schützenauszeichnung für die Infanterie - Marksmanship Lanyard made of bright red wool, introduced in July 1868 for soldiers of the infantry regiments including those of the border infantry regiments which were disbanded in 1873. From 1888 the soldiers of the Honvéd-infantry regiments were also eligible for the lanyard. In order to qualify the individual soldier had to successfully pass three basic exercises and could then continue to wear this lanyard as long as he successfully passed his annual training tests.
http://www.austro-hungarian-army.co.uk/badges/lanyard1.htm

http://www.austro-hungarian-army.co.uk/badunif.htm
http://www.austro-hungarian-army.co.uk/badges/badges.htm
http://www.austro-hungarian-army.co.uk/