RHEV-M upgrade fails with error message "rhevm-setup-plugin-ovirt-engine conflicts with rhevm-3.3.0-0.46.el6ev"

Issue

• RHEV-M upgrade from RHEV-M 3.3 to RHEV 3.4 using yum update rhevm-setup fails with the following error message:

Error: rhevm-setup-plugin-ovirt-engine conflicts with rhevm-3.3.0-0.46.el6ev.noarch
Error: Package: rhevm-setup-plugin-ovirt-engine-3.4.0-0.22.el6ev.noarch (rhel-6-server-rhevm-3.4-rpms)
           Requires: rhevm >= 3.3.1
           Installed: rhevm-3.3.0-0.46.el6ev.noarch (@rhel-6-server-rhevm-3.3-rpms)
               rhevm = 3.3.0-0.46.el6ev
 You could try using --skip-broken to work around the problem
 You could try running: rpm -Va --nofiles --nodigest

• I'm following steps mentioned on Upgrading to Red Hat Enterprise Virtualization Manager 3.4 but it fails on step #2.