To undo or redo any object manipulations, such as moves, cuts, pastes, deletions, etc., select the Undo or Redo button in the Home ribbon tab, or press Ctrl + z or Ctrl + y respectively. The undo and redo features will store most manipulations and changes, however some limitations may apply.
If this feature does not appear to be working, check the Application Options dialog to see if Change tracking is set to Use Undo/Redo Stack.