Yes it can but do it as soon as possible. Transplanting is best done when the plant is dormant. Lucky for you the weather is still quite cool and your hydrangea is still dormant. To reduce transplant shock have the hole where it is to go dug and ready. Dig up the hydrangea with as large a root ball as possible to keep as many of the fine root hairs intact. Make sure to use some bone meal in the planting hole. Water in thououghly and keep well watered this entire season.