Yes it is a peony.

Do you remember where you bought it? That might help to identify the variety.

Sure is a beauty whatever the variety might be !!

@perennialfan, I bought them at Costco, I think, and 6 came in the bag.

Paula Fay is a commonly sold peony with that appearance. To get a better id, you need to measure the height of the plant and compare its' bloom time with other peonies to determine whether it's an early, mid or late bloomer.

Thank you @cecily! If it bloomed last week, does this make it an early bloomer?

Depends on what the sequence is in your particular area - when the first peonies bloom there. To illustrate I've noticed in the past that the early (Sec. Yulania) magnolias located to the south of us, in Portland bloom about two weeks ahead of the same kinds here in the Seattle area. And that in Vancouver, B. C. to the north these tend to be about two weeks behind us.