A peony that makes little visible progress after planting does not automatically need lifting, feeding or moving. First establish what was planted, when it went in and whether the root area is drying out or staying wet.
Tree peonies and herbaceous peonies are not interchangeable when it comes to planting details. Check the label and the supplier's instructions before changing the planting depth.
Inspect the conditions, not just the top growth
Feel the soil near the root ball rather than judging the entire bed from its surface. A dry original root ball can sit within damp surrounding soil, while a planting pocket in heavy ground can remain wetter than the rest of the garden.
Keep the area clear enough to inspect. Repeated digging around the crown, however, can damage the very roots you are waiting to establish.
If stems collapse, tissue softens or the plant continues to deteriorate, investigate further. If the growth remains firm and the site is suitable, document the plant's condition and give it time. Constant intervention makes it harder to tell whether it is settling in or reacting to the latest disturbance.
Related reading: Growing Peonies: Planting, Soil and Seasonal Care.