@babel/preset-env not transpiling to ES5

webpack.config.js

module.exports = {
  entry: {
    acme_co_es5: [
      "@babel/polyfill",
      "./public/javascripts/webpack_entry_points/acme_co.js"
    ]
  },
  resolve: {
    extensions: [".js", ".jsx"]
  },
  output: {
    filename: "[name].js?[hash]",
    sourceMapFilename: "[name].js.map",
    path: "public/dist",
    publicPath: "/dist"
  },
  plugins: [],
  devtool: "cheap-module-eval-source-map",
  module: {
    rules: [
      {
        test: {},
        exclude: {},
        loader: "babel-loader",
        query: {
          presets: [
            [
              "@babel/preset-env",
              {
                targets: {
                  safari: "5.1"
                },
                debug: true
              }
            ],
            "@babel/preset-react"
          ],
          plugins: [
            "@babel/plugin-proposal-object-rest-spread",
            "@babel/plugin-proposal-class-properties"
          ]
        }
      }
    ]
  }
};