If it has no buds then it will not bloom this year. The bloom bud is generally in the center of the leaf cluster when the plant emerges from the soil. It normally takes a couple of years for the fernleafs to establish.

Thanks, now I can stop looking at it. I thought perhaps that was the case but I kept hoping. Oh well there is always next year.

Don't stop looking at it. Enjoy how the foliage looks and how it stands. Blooms are only part reasons to purchase peonies.