Yes, peonies can be divided and transplanted every 3-5 years to help rejuvenate the plant and improve blooming. The best time to divide and transplant peonies is in the fall after the foliage has died back. Carefully dig up the plant, separate the clumps, and replant them in a new location with well-draining soil. Make sure to water deeply after transplanting to help the plant establish new roots.