Yes. Unlike most perennials, peonies rarely need to be divided. The only reason to do it is to get more plants — or share them with friends. It's best done in the fall. Dig up the clump and use a sharp tool to divide it into sections, keeping three to five eyes in each division. Be sure to water the transplants thoroughly, unless you get plenty of rainfall. Keep in mind that divisions (and transplants) might not begin blooming again for two or three years.