Plex determines the real bitrate of video files very carefully.
All transcoding decisions are based on this ‘extensive analysis’.
The thing is: if the extensive analysis is not performed, Plex uses an estimation based on the average bitrate+“safety margin”, which might sometimes be a bit too cautious.
So make sure you let your Plex server perform the ‘extensive media analysis’ during the server maintenance.
You can view the results of this analysis, btw.
Call up the Plex XML info of the video.
Then edit the URL in the browser window. where it says includeExtras change it to includeBandwidths, then presss Enter.
The results are in the requiredBandwidths= numbers.
They are determined for different network buffer sizes.
Which means, a playback device with a bigger network buffer may get less often a transcoded video from your server than a device with a small network buffer.